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        T R O U B L E D   C O M P A N Y   R E P O R T E R

                           E U R O P E

           Thursday, October 20, 2005, Vol. 6, No. 208

                            Headlines

G E R M A N Y

AHOBA-AUERBACHER: Declares Bankruptcy
CPM SPEZIALBAU: Claims Verification Set February
DAIMLERCHRYSLER AG: Plans to do a GM
FAIRWAY IT: Creditors Meeting Set Next Month
FERNREISEN MOMMER: Duesseldorf Court Appoints Administrator

IKAR GRUNDSTUECKSVERWALTUNGS: Under Bankruptcy Administration
KAUER-BAU: Proofs of Claim Due Next Week
PETER WOLBER: Bonn Company Goes Bust
PR SECENDO: Creditors to Meet December
RTV FAMILY: Averts Insolvency
TS CATERING: Bielefeld Court Calls in Administrator


G R E E C E

TIM HELLAS: Q-Telecom Takeover Could Improve Market Position


I R E L A N D

THE FARM: Rescue Plan Approval Saves 30 Jobs


I T A L Y

CENTENARI & ZINELLI: Falls into Administration
PARMALAT SPA: General Meeting Set Next Month


L U X E M B O U R G

SBS BROADCASTING: PKS Media Completes Takeover
SBS BROADCASTING: Rating Withdrawn After Permira & KKR Takeover


N E T H E R L A N D S

ROYAL SHELL: Buyback Scheme Continues
VERSATEL TELECOM: Shareholders Question Sale of German Unit


N O R W A Y

STOLT-NIELSEN: Common Shares Issued Up 1.7%


P O L A N D

ASSET S.A.: Files for Liquidation


R U S S I A

AK BARS: Fitch Assigns Eurobond Final 'B+' Rating
AZNAKAEVSKIY: Court Brings in Insolvency Manager
BUILDING COMPANY: Under Bankruptcy Supervision
KAZANSKIY FLAX: Bankruptcy Hearing Set Next Year
KIROVSKOYE AIR-ENTERPRISE: Declared Insolvent

KUSHNARENKOVSKIY: Undergoes Bankruptcy Supervision Procedure
MASLYANINSKIY: Insolvency Manager Takes over Business
PMK ALEKSEEVSKIY: Bankruptcy Supervision Procedure Begins
SPRINT-2: Kirov Court Opens Bankruptcy Proceedings
STANDARD: Succumbs to Bankruptcy

UYARSKOYE: Insolvency Manager Enters Firm
YUKOS OIL: Hearing on 2001 Tax Bill Appeal Set Next Month
YUKOS OIL: Lithuanian Asset Seized; Sale Decision Deferred


S P A I N

IZAR: Pact with Workers Threatens Sale of Shipyards


U N I T E D   K I N G D O M

ADP COATINGS: Calls in Administrator from Cresswall Associates
AGENDA ASSIGNMENT: Names Baker Tilly Administrator
AGFAPHOTO UK: Business for Sale
AIRSPRUNG FURNITURE: Sells Unprofitable Subsidiary
ALEXANDER FORBES: Members Decide to Wind up Firm

ALLIED GLASS: Hires Begbies Traynor Administrator
APPLIED INDUSTRIAL: Names Begbies Traynor Liquidator
ASHTEAD GROUP: Sunbelt Buys Northridge Equipment Services
AUDRIC ENGINEERING: Hires Mazars Administrator
AV1 DESIGNS: Names Bond Partners Liquidator

BSA GROUP: Enters Administrative Receivership
CAPE PLC: Extends Consultation with Claimants Until End of Oct.
CO-OPERATIVE INSURANCE: Employees Vote on New Labor Proposal
DMI NORTH: Calls in Liquidators from KPMG
DP FURNITURE: Succumbs to Administration

EMPOWERED SERVICES: Files for Liquidation
EQUITABLE LIFE: Abandons Claim Against Former Chief Executive
ESTRON FLOORTECH: Calls in Joint Liquidators
E WALTERS: Administrator Sells Biz to Former Managers
E WALTERS: Creditors Meeting Set Last Week of October

FIELDEN HANDLING: Goes into Liquidation
GALLAHER GROUP: Seeks Clarification on Smoking Ban
GATE GOURMET: To Sign New British Airways Contract this week
HFG DRIED: Hires Liquidators
IRONFAIR LIMITED: Members Decide on Winding-up

JILLIAN CHURCHILL: EGM Passes Winding-up Resolution
LAWLER CARPETS: Files for Liquidation
MACPERRY LTD.: Calls in Liquidator
MARKS & SPENCER: Per Una Founder Wants to form New Group
NETWORK RAIL: Shareholders Lose GBP157 Million Class Action

NORMAN H. FIELD: Appoints Liquidator
OCEAN TO EARTH: Clothing Retailer Calls in Administrator
PERSONA LIMITED: Goes into Liquidation
PETERLOO STUDIOS: In Liquidation
RAVEN LEISURE: Meeting of Creditors Set Next Week

REFCO ADVMULTI: Suspends Redemption Payments amid Fraud Scandal
R G HARDIE: Bagpipe Maker Performs the Requiem
ROBINSONS STRUCTURES: EGM Passes Winding-up Resolution
SCOTT BEAVEN: Administrator from Tenon Recovery Enters Firm
SPENCER HARROD: Frozen Food Company Winds up

STARSCENTS LIMITED: Administrators Take over Company
TRENT LOGISTICS: Appoints KPMG Liquidator
UNITED NETWORKS: Calls in Liquidator from Ernst & Young
WEATHER XCHANGE: Administrators from Grant Thornton Move in


                            *********


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G E R M A N Y
=============


AHOBA-AUERBACHER: Declares Bankruptcy
-------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against AHOBA-Auerbacher Holzbau GmbH on September 16.
Consequently, all pending proceedings against the company have
been automatically stayed.  Creditors have until October 26, 2005
to register their claims with court-appointed provisional
administrator Andreas Schenk.

Creditors and other interested parties are encouraged to attend
the meeting on November 30, 2005, 10:15 a.m. at the district
court of Chemnitz, Saal 24, im Gerichtsgebaude Fuerstenstrasse
21, in Chemnitz, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  AHOBA-AUERBACHER HOLZBAU GmbH
          Contact:
          Volker Lindner, Manager
          Breitscheidstrasse 33, 08209 Auerbach

          Andreas Schenk, Administrator
          Franz-Mehring-Str. 15, 08058 Zwickau


CPM SPEZIALBAU: Claims Verification Set February
------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against CPM Spezialbau Gesellschaft mbH Putz- und
Stahlbetonarbeiten on September 23.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until December 20, 2005 to register their claims
with court-appointed provisional administrator Stephan Mitlehner.


Creditors and other interested parties are encouraged to attend
the meeting on November 10, 2005, 9:10 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report February 16,
2006, 9:00 a.m. at the same venue.

CONTACT:  CPM SPEZIALBAU GESELLSCHAFT mbH PUTZ-
          UND STAHLBETONARBEITEN
          Nogatstr.24, 12051 Berlin

          Stephan Mitlehner, Administrator
          Walter-Benjamin-Platz 6, 10629 Berlin


DAIMLERCHRYSLER AG: Plans to do a GM
------------------------------------
DaimlerChrysler AG is considering talking to United Auto Workers
union about cost savings similar to what GM had reached with the
union, said the Associated Press.

CEO-designate Dieter Zetsche is said to be interested in reducing
health care costs.  No formal decision has been made yet.

On Monday, GM reached a tentative deal with the labor union that
will see the carmaker cut its annual health care expenses for
workers by around US$3 billion on a pretax basis.  Health care
costs for retirees would be slashed by about 25% or US$15 billion
over a seven-year period.  GM is expected to save around US$1
billion annually.

                        About the Company

Headquartered in Stuttgart, Germany, DaimlerChrysler AG produces
cars and trucks under the brands Chrysler, Dodge, Jeep,
Mercedes-Benz, Smart, and Maybach, among others.

A "merger of equals" between U.S.-based Chrysler Corporation and
Germany's Daimler-Benz was announced in 1998.  However, in 2003,
Detroit News revealed that the "merger of equals" was, in fact, a
buyout of Chrysler by the German firm.

The deception sparked several lawsuits, including the US$1
billion claim by billionaire investor Kirk Kerkorian, which was
rejected by the court in April.

In 2000, DaimlerChrysler's U.S. finance arm was also accused of
discriminating against African Americans and Hispanics, the
settlement of which required the carmaker to offer several
billion dollars in loans.

The carmaker is also a subject of several investigations.
German financial services regulator BaFin has started a formal
probe after finding "grounds" to suspect illegal trades of
Daimler stocks, which went up prior to the announcement of
Juergen Schrempp's exit as chief executive.  It is also being
investigated by the U.S. Justice Department over bribery claims
at the Mercedes Car Group.

While its Chrysler unit is slowly recuperating, the market share
of the Mercedes Benz division continues to slip.  Mercedes has
been described a "tarnished" brand in the wake of slipups in
design and engineering.  Losses incurred by Mercedes Benz were
also blamed for the 30% drop in DaimlerChrysler's first-quarter
earnings.  The poor result was mostly due to the EUR512 million
spent to revamp its losing Smart venture, which has yet to post a
profit.

DaimlerChrysler still projects last year's EUR5.75 billion
operating profit to double by 2008, with Mercedes booking
operating profit of EUR4.7 billion in four years.  Chrysler group
aims to book EUR2.3 billion in profit on top of the EUR2 billion
and EUR2.2 billion from the commercial vehicles business and its
services operations.

CONTACT:  DAIMLERCHRYSLER AG
          70546 Stuttgart, Germany
          Phone: +49 711 17 0
          Fax: +49 711 17 22244
          Web site: http://www.daimlerchrysler.com


FAIRWAY IT: Creditors Meeting Set Next Month
--------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Fairway IT Products GmbH on September 30.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 28, 2005 to
register their claims with court-appointed provisional
administrator Dr. Onno Klopp.

Creditors and other interested parties are encouraged to attend
the meeting on November 18, 2005, 8:35 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 3. OG Altbau, A 341, at which time the administrator
will present his first report of the insolvency proceedings.  The
court will also verify the claims set out in the administrator's
report during this meeting, while creditors may constitute a
creditors committee and or opt to appoint a new insolvency
manager.

CONTACT:  FAIRWAY IT PRODUCTS GmbH
          Krampenhausweg 1, 40882 Ratingen
          Contact:
          Enrico Schulten, Manager
          Morikestr. 1, 41352 Korschenbroich

          Dr. Onno Klopp, Administrator
          Sternstrasse 58, 40479 Duesseldorf


FERNREISEN MOMMER: Duesseldorf Court Appoints Administrator
-----------------------------------------------------------
The district court of Duesseldorf opened bankruptcy proceedings
against Fernreisen Mommer GmbH on September 29.  Consequently,
all pending proceedings against the company have been
automatically stayed.  Creditors have until October 28, 2005 to
register their claims with court-appointed provisional
administrator Dr. Onno Klopp.

Creditors and other interested parties are encouraged to attend
the meeting on November 4, 2005, 9:05 a.m. at the district court
of Duesseldorf, Hauptstelle, Muehlenstrasse 34, 40213
Duesseldorf, 4. OG. Altbau, A 409, at which time the
administrator will present his first report of the insolvency
proceedings.  The court will also verify the claims set out in
the administrator's report November 18, 2005, 8:30 a.m. at the
same venue.

CONTACT:  FERNREISEN MOMMER GmbH
          Charlottenstrasse 87, 40210 Duesseldorf
          Contact:
          Karl Heinz Mommer, Manager
          Lichtenbroicher Weg 111, 40572 Duesseldorf
          Minas Paliouras, Administrator
          Muehlenstrasse 12, 40213 Duesseldorf

          Dr. Onno Klopp, Administrator
          Sternstrasse 58, 40479 Duesseldorf


IKAR GRUNDSTUECKSVERWALTUNGS: Under Bankruptcy Administration
-------------------------------------------------------------
The district court of Charlottenburg opened bankruptcy
proceedings against IKAR Grundstuecksverwaltungs GmbH & Co.
Pohlstrasse KG on September 26.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until December 21, 2005 to register their claims
with court-appointed provisional administrator Dr. Wolfgang
Schroder.

Creditors and other interested parties are encouraged to attend
the meeting on November 9, 2005, 10:40 a.m. at the district court
of Charlottenburg, Amtsgerichtsplatz 1, 14057 Berlin, II. Stock
Saal 218, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report on February 15,
2006, 10:25 a.m. at the same venue.

CONTACT:  IKAR GRUNDSTUECKSVERWALTUNGS GmbH
          & Co. POHLSTRASSE KG
          Pohlstr. 77,10785 Berlin

          Dr. Wolfgang Schroder, Administrator
          Genthiner Str. 48, 10785 Berlin


KAUER-BAU: Proofs of Claim Due Next Week
----------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against Kauer-Bau GmbH on September 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until October 25, 2005 to register their
claims with court-appointed provisional administrator Bernward
Widera.

Creditors and other interested parties are encouraged to attend
the meeting on December 6, 2005, 9:15 a.m. at the district court
of Chemnitz, Saal 24, im Gerichtsgebaude Fuerstenstrasse 21, in
Chemnitz, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  KAUER-BAU GmbH
          Contact:
          Halfried Kauer, Manager
          Muehlenweg 38, 08064 Zwickau

          Bernward Widera, Administrator
          Buettenstrasse 4, 08058 Zwickau


PETER WOLBER: Bonn Company Goes Bust
------------------------------------
The district court of Bonn opened bankruptcy proceedings against
Peter Wolber GmbH on September 28.  Consequently, all pending
proceedings against the company have been automatically stayed.
Creditors have until November 11, 2005 to register their claims
with court-appointed provisional administrator Dirk Obermueller.

Creditors and other interested parties are encouraged to attend
the meeting on December 16, 2005, 9:15 a.m. at the district court
of Bonn, Insolvenzgericht-, Wilhelmstrasse 21, 53111 Bonn, 1.
Stock, Saal W126, at which time the administrator will present
his first report of the insolvency proceedings.  The court will
also verify the claims set out in the administrator's report
during this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  PETER WOLBER GmbH
          Limbachstrasse 12, 53343 Wachtberg
          Contact:
          Gertrud Wolber-Henseler, Manager
          Wilhelm Wolber, Manager
          Franz Peter Wolber, Manager
          Rathausstrasse 40, 53343 Wachtberg

          Dirk Obermueller, Administrator
          Godesberger Allee 125-127, 53175 Bonn
          Phone: 81 000 45
          Fax: 81000820


PR SECENDO: Creditors to Meet December
--------------------------------------
The district court of Chemnitz opened bankruptcy proceedings
against PR Secendo Mode GmbH on September 19.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors had until October 18, 2005 to register their
claims with court-appointed provisional administrator Barbara
Fritzer.

Creditors and other interested parties are encouraged to attend
the meeting on December 12, 2005, 10:45 a.m. at the district
court of Chemnitz, Saal 24, im Gerichtsgebaude Fuerstenstrasse
21, in Chemnitz, at which time the administrator will present his
first report of the insolvency proceedings.  The court will also
verify the claims set out in the administrator's report during
this meeting, while creditors may constitute a creditors
committee and or opt to appoint a new insolvency manager.

CONTACT:  PR SECENDO MODE GmbH
          Rinnengasse 1, 09599 Freiberg
          Contact:
          Angelika Pahlitzsch, Manager

          Barbara Fritzer, Administrator
          Louis-Braille-Strasse 1, 01009 Dresden


RTV FAMILY: Averts Insolvency
-----------------------------
RTV Family Entertainment avoided insolvency after its former
parent and creditors agreed to waive debt repayments, reports
Borsen-Zeitung.

Toys and games group Ravensburger, which approved the debt deal
along with creditor banks, sold its majority stake to F&M.
Although the Austrian investment group is getting 89.3% of RTV,
it will not make a public offer for the remaining shares, as
required by law.  The paper did not explain why.

RTV Family Entertainment AG is a leading producer of
entertainment for kids and families in Europe.  It has built up a
reputation for more than 20 years as a quality producer and
international marketer of animation programs.  Since its stock
exchange launch on the New Market in June 1999, RTV has strongly
internationalized its production and sales sectors and has
expanded its catalogue of rights.

CONTACT:  RTV FAMILY ENTERTAINMENT AG
          Mohlstrasse 23
          81675 Munich, Germany
          Phone: +49 89 997271-11
          Fax: +49 89 997271-91
     E-mail: info@rtv-ag.de
          Web site: http://www.rtv-ag.de/rtv/


TS CATERING: Bielefeld Court Calls in Administrator
---------------------------------------------------
The district court of Bielefeld opened bankruptcy proceedings
against TS Catering GmbH on September 28.  Consequently, all
pending proceedings against the company have been automatically
stayed.  Creditors have until November 10, 2005 to register their
claims with court-appointed provisional administrator Peter Henz.

Creditors and other interested parties are encouraged to attend
the meeting on December 1, 2005, 11:00 a.m. at the district court
of Bielefeld, Gerichtstrasse 6, 33602 Bielefeld, 4. Ebene, Saal
4065, at which time the administrator will present his first
report of the insolvency proceedings.  The court will also verify
the claims set out in the administrator's report during this
meeting, while creditors may constitute a creditors committee and
or opt to appoint a new insolvency manager.

CONTACT:  TS CATERING GmbH
          Im Heidkamp 57, 33397 Rietberg
          Contact:
          Ramona and Tristan Siefert, Managers

          Peter Henz, Administrator
          Rietberger Str. 28, 33378 Rheda-Wiedenbrueck


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G R E E C E
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TIM HELLAS: Q-Telecom Takeover Could Improve Market Position
------------------------------------------------------------
Fitch Ratings has said that the proposed acquisition of the
fourth Greek mobile operator, Q-Telecom, by the owners of TIM
Hellas Communications S.A. could significantly enhance TIM
Hellas' competitive position as the third mobile operator in the
Greek market.

However, the announced agreement has no immediate impact on TIM
Hellas' ratings, which are listed below.  The Stable Outlook
continues to reflect Fitch's view that while an acquisition of
Q-Telecom could improve TIM Hellas' operational metrics,
improvements in financial performance and cash flow generation
may only materialize in the medium term.  The ratings and Outlook
will be reviewed when further details of the transaction are
available, including details on how the acquisition will be
financed and the extent to which the operations of TIM Hellas and
Q-Telecom will be integrated in order to generate synergies.

Info-Quest S.A., the owner of Q-Telecom, announced on October 17
that it had received a binding offer for Q-Telecom from Apax
Partners and Texas Pacific Group, the controlling shareholders of
TIM Hellas.  The offer values Q-Telecom at EUR350 million,
including EUR25 million of existing debt, which is to be
refinanced.  The transaction is subject to, among other things,
approval from the relevant authorities.

In Fitch's view, the potential combination of TIM Hellas and
Q-Telecom, if it were allowed by the relevant authorities, could
significantly benefit TIM Hellas' operational risk profile.  A
gradual transfer of Q-Telecom's subscribers onto TIM Hellas'
network could generate incremental EBITDA as the company
leverages its largely fixed cost base.  Perhaps more importantly,
the consolidation of the third and fourth operator in the market
could significantly reduce competition for subscribers and,
therefore, pricing pressure.  Fitch notes that the growth in
Q-Telecom's market share to 7.3% at end-June 2005 from 0.8% at
end-2002 has been almost entirely at the expense of TIM Hellas.
However, running a combined business in a way that would realize
the potential synergies without damaging Q Telecom's growth
potential would represent a significant challenge for management
and therefore an acquisition may not result in an immediate
change to TIM Hellas' rating or Outlook.

Under the terms of Tim Hellas' senior secured notes, the group
may incur up to EUR200 million of additional debt to acquire
Q-Telecom, subject to a maximum pro-forma cash-pay debt-to-EBITDA
ratio of 5.25x.

TIM Hellas is the third-largest mobile operator in Greece with a
market share of 19.4% as at end-H105.  The company reported
revenues of EUR395 million and EBITDA of EUR103.5 million for
H105.  On 4 October 2005, TIM Hellas convened an EGM to hold a
shareholder vote on a cash-out merger under Greek law of TIM
Hellas Communications S.A. with acquisition vehicle Troy GAC
Telecommunications S.A.  A TIM Hellas shareholder exercised its
right to adjourn the EGM until 2 November 2005.

Q-Telecom, the fourth mobile operator in Greece, launched
services in 2002 and targets the young prepaid subscriber
segment.  In Q305, Q-Telecom grew its subscriber base by 6% to
just under one million.  H105 revenues were EUR70 million while
EBITDA was EUR12 million.

Current ratings on TIM Hellas:

TIM Hellas Communications S.A. Senior Unsecured rating: 'B';
Outlook Stable

Hellas Communications (Luxembourg) V senior credit facility:
'BB-'

Hellas Communications (Luxembourg) V senior secured notes: 'BB-'

Hellas Communications (Luxembourg) III senior notes: 'B-'

CONTACT:  TIM HELLAS TELECOMMUNICATIONS S.A.
          60 Kifissias Ave., Maroussi
          15125 Athens, Greece
          Phone: +30-210-61-58-000
          Fax: +30-210-61-08-819
          Web site: http://www.tim.com.gr

          Q-TELECOM
          27 Alexandrou Pantou street
          17671 Kalithea
          Phone: 211 999 3000
          Fax: 211 999 6999
          E-mail: support@qtelecom.gr
          Web site: http://www.qtelecom.gr

          FITCH RATINGS
          Roger Coyle, London
          Phone: +44 (0)20 7862 4105
          Michelle De Angelis
          Phone: +44 (0)20 7417 3499
          Michael Dunning
          Phone: +44 (0)20 7417 6343

          Media Relations
          Alex Clelland, London
          Phone: +44 20 7862 4084
          Web site: http://www.fitchratings.com


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I R E L A N D
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THE FARM: Rescue Plan Approval Saves 30 Jobs
--------------------------------------------
About 30 jobs at The Farm Media Group have been saved after the
High Court sanctioned the rescue plan tabled by Barcud Derwen,
said Business World.

Under the scheme, which was approved by The Farm creditors two
weeks ago, Barcud Derwen will inject EUR2 million into the
company.  In July, The Farm was put into examinership with debt
of over EUR5.4 million.

Barcud Derwen will also give unsecured creditors 8 cents in the
euro, while preferential creditors will receive 16 cents in the
euro.

Earlier, Examiner Neil Hughes postponed presenting the scheme of
arrangement before the High Court for approval following a
last-minute claim by Sound Studio.  Sound Studio, which was
created to facilitate BES (Business Expansion Scheme) investment
in The Farm in the 1990s, alleged that some its properties were
transferred to The Farm without consent.

The Farm Media Group was created in 2002 with the merger between
Blade productions and The Farm, which was established in 1995 by
chief executive Bobby O'Reilly, and his wife Valerie.

With a workforce of 45 people in Dublin and 22 in Los Angeles,
the firm has worked with high-profile clients, including
Twentieth Century Fox, the Cranberries, the Corrs and Lucasfilm.
The Farm's move to upgrade its technology has caused troubles in
its cash flow, and prompted the exit of its audio managing
director Locky Butler.

Barcud Derwen, the largest regional post-production provider in
Britain, was formed with the merger between Barcud and Derwen in
1997.  It has 11 divisions and has worked on a number of projects
with S4C and BBC.

Mr. Hughes has said: "Association with Barcud Derwen will allow
for synergies in terms of exchange of work within the Barcud
Derwen group which will give The Farm the reasonable prospect of
survival required under the Companies Act."

CONTACT:  THE FARM MEDIA GROUP
          27 Upper Mount Street
          Dublin
          Phone: +353 1 6768812
          Fax: +353 1 6768816
          Web site: http://www.thefarm.ie

          BARCUD DERWEN
          Web site: http://www.barcudderwen.co.uk/


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I T A L Y
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CENTENARI & ZINELLI: Falls into Administration
----------------------------------------------
Creditors of Centenari & Zinelli S.p.A. have decided to put the
textile maker under extraordinary administration, reports
just-stye.com.  This will enable the company to operate under
creditor protection and state management for 12-15 months.  The
application for administration incorporates a revival strategy
for the company.

CONTACT:  CENTENARI & ZINELLI SPA
          Map 5, Via Quattro
          Novembre 20012 Cuggiono
          (MI) - ITALIE
          Phone: +39 02 972 481
          Fax: +39 0297 240 847


PARMALAT SPA: General Meeting Set Next Month
--------------------------------------------
The Company's Shareholders are called for a General Meeting to be
held in first call at the Auditorium Paganini, Via Toscana 5/A,
Parma on November 7, 2005 at 11:00 a.m.  and, if necessary, in
second call on November 8, 2005 at the same location and time, to
vote on:

(a) Election of the Board of Directors, determination of its
    term of office and compensation.  Resolutions inherent and
    consequent;

(b) Election of the Board of Statutory Auditors and
    determination of its compensation.  Resolutions inherent and
    consequent.

Documentation regarding the items on the agenda will be made
available at the Company's registered office at Via Oreste Grassi
26, Collecchio (PR), at Borsa Italiana S.p.A., as well as at
http://www.parmalat.netat least 15 days prior to the date of the
first call.  Shareholders have the right to inspect the same and
obtain a copy thereof.

In conformity to law, holders of voting rights confirmed by a
certificate issued by the broker managing the accounts attesting
to deposit of the shares in dematerialization and centralized
management at least two working days prior to the date of the
Meeting in first call and transmitted by the broker to the
Company in conformity to applicable law, have the right to vote
at the Meeting.

To facilitate confirmation of their powers of representation,
persons who intend to participate in the Meeting as the legal or
voluntary representative of shareholders and of other holders of
voting rights may fax documentation attesting to their powers to
Servizio Titoli S.p.A. at 46776850 at least two working days
prior to the date set for the Meeting in first call.

Shareholders are reminded that pursuant to Article 11 of the
Company's By-laws, shareholders are entitled to present slates of
candidates only if they, alone or together with other
shareholders, hold a number of shares equal in the aggregate to
at least 1% of the Company's shares with the right to vote at the
General Meetings.  To prove ownership of the number of shares
needed to present slates of candidates, shareholders must file a
certificate proving their ownership of the shares, together with
the slates of candidates, at the Company's registered office.

Slates presented by shareholders must be filed at the Company's
registered office and published at the shareholders' expense in
at least two of these newspapers: Corriere della Sera, La
Repubblica, or Il Sole 24 Ore, as well as in the Financial Times,
no later than October 31, 2005.

Shareholders are also reminded that pursuant to Article 21 of the
Company's By-laws, slates for election of the Board of Auditors
must be presented according to the same procedure specified for
election of the Board of Directors.

Copy of Parmalat's notice of meeting, including the procedure for
election of Board of Directors and Board of Statutory Auditors is
available at
http://bankrupt.com/misc/Parmalat(Nov8_05meeting).pdf

CONTACT:  PARMALAT FINANZIARIA S.p.A.
          Legal Seat
          43044 Collecchio (Pr)
          Via Oreste Grassi, 26

          Administrative Seat
          20122 Milan
          Piazza Erculea, 9
          Phone: +39 02 806 8801
          Fax: +39 02 869 3863
          Web site: http://www.parmalat.net


===================
L U X E M B O U R G
===================


SBS BROADCASTING: PKS Media Completes Takeover
----------------------------------------------
SBS Broadcasting S.A. and PKS Media S.a.r.l., a company
controlled by funds advised by two leading private equity firms,
Permira and KKR (Kohlberg Kravis Roberts & Co.), said that PKS
Media has completed the previously announced acquisition of
substantially all of the assets and liabilities of SBS.  PKS
Media will be renamed SBS Broadcasting S.a.r.l.

Markus Tellenbach will continue as Chief Executive Officer.  Mr.
Tellenbach will be appointed to the Board of Directors of the new
holding company for the SBS group, together with Harry Evans
Sloan, former executive chairman of SBS, and Juergen von
Schwerin, who will continue as Chief Financial Officer.

The new board will also include Lord Hollick, a KKR executive, as
chairman, Gotz Mauser, a Permira partner, as vice chairman,
Arnold Bahlmann, a former member of Bertelsmann's executive board
and an advisor to Permira, Katrin Wehr-Seiter of Permira and
Johannes Huth and Dominic Murphy of KKR.

SBS Broadcasting S.A., the former holding company, which is being
renamed "TVSL, societe anonyme", is now entering into a
liquidation process under which it will distribute the proceeds
of the asset sale and certain other amounts to SBS shareholders
and holders of SBS stock options.

The record date for the liquidation distribution is the closing
date, October 18, 2005.  Each shareholder of the former SBS on
the record date is entitled to receive payment of the liquidation
distribution, which is currently expected to be made on or about
November 8, 2005.  Based on the factors described in the
Shareholders' Circular dated September 1, 2005, the liquidation
distribution is expected to be approximately EUR46 per share.

As a convenience to shareholders, TVSL (the former SBS) will
offer each shareholder of the former SBS on the record date the
opportunity to elect to receive the U.S. dollar equivalent in
cash of the euro amount of the liquidation distribution.  For
shareholders that so elect, the euro amount will be converted
into U.S. dollars at a market rate obtained by TVSL (net of
expenses of the conversion of euros into U.S. dollars).

Harry Evans Sloan, founder and former executive chairman of
SBS, said: "The acquisition of SBS by funds advised by Permira
and KKR represents a very attractive transaction for our
shareholders.  It has been my pleasure to have led SBS since I
founded the company in 1990, and I look forward to working with P
ermira, KKR and my colleague and friend Markus Tellenbach, one of
the finest executives I have had the pleasure of working with.  I
would like to thank the employees of SBS, who have contributed so
much to the success of the Company."

Mr. Sloan added: "The transaction represents the endorsement by
Permira and KKR, two of the world's leading private equity firms,
of SBS, its business model and its growth strategy and will
foster SBS's future success."

Markus Tellenbach, chief executive officer of SBS, said: "I am
pleased that SBS has grown into one of Europe's leading
companies.  Harry Sloan and the SBS Board gave me and the rest of
the management team the support needed to transform SBS."

Mr. Tellenbach added: "I look forward to working with Permira,
KKR, the new board and the SBS management team to expand and
diversify our presence in Europe and to continue to build upon
SBS's growth story.  I am very happy that Lord Hollick, a
recognized industry leader, has agreed to become the chairman."

Permira and KKR stated that they are very pleased with the
acquisition and that they are confident that the success of SBS
under the leadership of Markus Tellenbach will continue.

Deutsche Bank acted as financial advisor to the special committee
of SBS that considered and negotiated the transaction, and
Sullivan & Cromwell LLP and Arendt & Medernach acted as the
committee's legal advisors.  Lehman Brothers acted as financial
advisor to Permira and KKR, and Freshfields Bruckhaus Deringer
and Simpson Thacher & Bartlett LLP acted as their legal advisors.
Barclays Capital, Lehman Brothers and Royal Bank of Scotland
provided debt financing for the transaction.

About SBS Broadcasting

SBS is a European commercial television and radio broadcasting
company with operations in Western and Central Europe.  Countries
where SBS currently has broadcasting assets include: Belgium
(Flanders), Denmark, Finland, Greece, Hungary, The Netherlands,
Norway, Romania and Sweden.

About Permira

Permira is a leading European-based private equity firm.  Permira
acts as advisor to the 18 Permira Funds, totaling approximately
EUR11 billion, that have been raised since 1985. These funds have
invested in over 260 transactions in 15 different countries, in
companies across a variety of sectors and geographies, at all
stages of the business lifecycle.

About KKR

KKR is one of the world's oldest and most experienced private
equity firms specializing in management buyouts, with offices in
New York, Menlo Park, London, Paris and Hong Kong. Over the past
29 years, funds advised by KKR have invested in more than 130
transactions involving over US$162 billion of total financing.

CONTACT:  SBS BROADCASTING S.A.
          8-10, rue Mathias Hardt
          L-1717 Luxembourg
          Phone: +352 26 12 15-1
          Fax: +352 26 12 33 01
          Web site: http://www.sbsbroadcasting.com

          PERMIRA ADVISERS LIMITED
          20 Southampton Street
          London WC2E 7QH
          Phone: +44 20 7632 1000
          Fax: +44 20 7497 2174
          Web site: http://www.permira.com

          KOHLBERG KRAVIS ROBERTS & CO.
          Stirling Square
          7 Carlton Gardens
          London SW1Y 5AD
          Phone: 44 207 839 9800
          Web site: http://www.kkr.com


SBS BROADCASTING: Rating Withdrawn After Permira & KKR Takeover
---------------------------------------------------------------
Standard & Poor's Ratings Services withdrew its 'BB+' long-term
corporate credit rating on Luxembourg-based media company SBS
Broadcasting S.A. at the company's request.  SBS had no rated
debt.

The rating was on CreditWatch with negative implications where it
had been placed on Aug. 22, 2005, following an announcement that
the company was to be acquired by private equity firms Permira
and Kohlberg Kravis Roberts & Co.

The rating withdrawal follows the completed purchase of SBS by
Permira and KKR, primarily funded out of bank debt. SBS has
changed its name to TVSL Societe Anonyme (which is currently in
the process of liquidation) and will distribute the sale proceeds
to shareholders.

Ratings information is available to subscribers of RatingsDirect
at http://www.ratingsdirect.com It can also be found at
http://www.standardandpoors.com Alternatively, call one of the
following Standard & Poor's numbers: Client Support Europe (44)
20-7176-7176; London Press Office Hotline (44) 20-7176-3605;
Paris (33) 1-4420-6708; Frankfurt (49) 69-33-999-225; Stockholm
(46) 8-440-5916; or Moscow (7) 095-783-4017.  Members of the
media may also contact the European Press Office via e-mail:
media_europe@standardandpoors.com

CONTACT:  SBS BROADCASTING S.A.
          8-10, rue Mathias Hardt
          L-1717 Luxembourg
          Phone: +352 26 12 15-1
          Fax: +352 26 12 33 01
          Web site: http://www.sbsbroadcasting.com


=====================
N E T H E R L A N D S
=====================


ROYAL SHELL: Buyback Scheme Continues
-------------------------------------
On 18 October 2005, Royal Dutch Shell plc purchased for
cancellation 850,000 'A' Shares at a price of EUR25.37 per share.
It further purchased for cancellation 325,000 'A' Shares at a
price of 1,730.69 pence per share.

Following the cancellation of these shares, the remaining number
of 'A' Shares of Royal Dutch Shell plc will be 4,002,990,000.

As of that date, 2,759,360,000 'B' Shares of Royal Dutch Shell
plc were in issue.

                            *   *   *

Shell's buyback scheme is understood to be aimed at reviving
shareholders' and investors' confidence.  The buyback program
follows a damaging reserves overestimation scandal last year.

                        About the Company

Royal Dutch Shell plc is incorporated in England and Wales, has
its headquarters in The Hague and is listed on the London,
Amsterdam, and New York stock exchanges.  Shell companies have
operations in more than 145 countries with businesses including
oil and gas exploration and production; production and marketing
of Liquefied Natural Gas and Gas to Liquids; manufacturing,
marketing and shipping of oil products and chemicals and
renewable energy projects including wind and solar power.

                           The Trouble

Shell admitted overstating its proved reserves by almost 6.0
billion barrels between January 2004 and February this year.
This led to the ouster of three top executives, including former
Chairman Philip Watts.  The company was fined EUR150 million in
total after investigations launched by U.S. and British
regulators.  Shell has since revised the method by which it
calculates reserves to comply with U.S. regulations.  Shell's
proved reserves stood at 10.2 billion barrels at the end of
2004.

CONTACT:  ROYAL DUTCH/SHELL GROUP OF COMPANIES
          Carel van Bylandtlaan 30
          2596 HR The Hague
          The Netherlands
          Phone: +31 70 377 9111
          Fax: +31 70 377 3115
          Web site: http://www.shell.com


VERSATEL TELECOM: Shareholders Question Sale of German Unit
-----------------------------------------------------------
Institutional investors in Versatel Telecom International N.V.
are planning to sue Tele2 AB and Versatel to oppose the sale of
Versatel Germany to Apax's subsidiary Ganymed, according to AFX.

A spokesman for London-based investment fund Centaurus, which
holds about 5% of Versatel shares, said the investment fund
considers the reportedly EUR539 million sale price too low.

Versatel Telecom International N.V. (Euronext: VRSA), based in
Amsterdam, is a communications network operator.  Founded in
October 1995, the Company holds full telecommunication licenses
in The Netherlands, Belgium and Germany and has over 1 million
customers and approximately 2,000 employees.

Versatel is a publicly traded company on Euronext Amsterdam under
the symbol VRSA.  News and information are available at
http://www.versatel.com

CONTACT:  VERSATEL TELECOM INTERNATIONAL N.V.
          Investor Relations Department
          Hullenbergweg 101
          1101 CL Amsterdam
          The Netherlands
          Phone: +31 20 750 2362
          Fax: +31 20 750 1019
          E-mail: investor.relations@versatel.com


===========
N O R W A Y
===========


STOLT-NIELSEN: Common Shares Issued Up 1.7%
-------------------------------------------
Stolt-Nielsen S.A. a 100% owned subsidiary of SNSA, purchased on
Tuesday 637,900 of SNSA Common Shares on the Oslo Stock Exchange
at an average price of NOK224.15 per share (approximately $34.27
at the current exchange rate).  The shares were purchased in
accordance with the repurchase program announced on August 25,
2005, authorizing Company to purchase up to $200 million worth of
its Common Shares or related American Depositary Shares.

Accordingly, in conformity with applicable Oslo Stock Exchange
requirements, we report that Stolt-Nielsen S.A., through its
wholly owned subsidiary, Stolt-Nielsen Transportation Group Ltd.,
after this transaction has the following ownership (in the
aggregate) in Stolt-Nielsen S.A., whose Common Shares are
secondarily listed on the Oslo Stock Exchange with primary
listing (through ADS arrangements) in the United States:

Total number of Common Shares purchased: 637,900
Total number of Common Shares owned after purchase: 1,143,600
Percentage of issued shares of such class of shares following
such purchase: 1.7%

Including Tuesday's purchases, the Company has purchased Common
shares totaling approximately $39.5 million under the $200
million repurchase program announced on August 25, 2005.

All Common Shares purchased by SNTG are classified as non-voting
shares held in Treasury and issued but not outstanding.

Any further buyback transactions will be disclosed through the
disclosure system of the Oslo Stock Exchange, a press release,
and at http://www.stolt-nielsen.com

About Stolt-Nielsen S.A.

Stolt-Nielsen S.A. (NasdaqNM: SNSA; Oslo Stock Exchange: SNI) is
one of the world's leading providers of transportation services
for bulk liquid chemicals, edible oils, acids, and other
specialty liquids. The Company, through the parcel tanker, tank
container, terminal, rail and barge services of its wholly owned
subsidiary Stolt-Nielsen Transportation Group, provides
integrated transportation for its customers.  Stolt Sea Farm,
wholly owned by the Company, produces and markets high quality
turbot and Southern bluefin tuna.  The Company also owns 25% of
Marine Harvest, the world's largest aquaculture company.

CONTACT:  STOLT-NIELSEN S.A.
          Richard M. Lemanski
          Phone (U.S.): 1 203 299 3604
          E-mail: rlemanski@stolt.com

          Jan Chr. Engelhardtsen
          Phone (U.K.): 44 20 7611 8972
          E-mail: Jengelhardtsen@stolt.com


===========
P O L A N D
===========


ASSET S.A.: Files for Liquidation
---------------------------------
Asset S.A., an indirect subsidiary of Bank BPH S.A., filed a
motion for liquidation with the District Court of the Capital
City of Warsaw, XX Commercial Division of National Court
Register.  On 15 September 2005 the Extraordinary General
Shareholders Meeting of Assets S.A. approved the dissolution of
the company.  Mr. Aleksander Mokrzycki was appointed as a
liquidator.

Asset S.A. is fully controlled by Final Holding Sp. z o.o., which
is a 100% subsidiary of Bank BPH.

CONTACT:  BANK BPH S.A.
          Al. Pokoju 1
          31-548 Krakow

          ul. Towarowa 25A
          00-958 Warszawa
          Phone:  531 80 00
          E-mail: bank@bph.pl
          Web site: http://www.bph.pl/


===========
R U S S I A
===========


AK BARS: Fitch Assigns Eurobond Final 'B+' Rating
-------------------------------------------------
Fitch Ratings has assigned Ak Bars Finance S.A.'s US$175 million
issue of limited recourse loan participation notes, due October
2008, a final Long-term 'B+' rating.

The notes are to be used solely for financing a loan to Russia's
Ak Bars Bank, which is rated Long-term 'B+', Short-term 'B',
Individual 'D', and Support '4' and National Long-term 'A-(rus)'.
The Outlooks on both the Long-term and the National Long-term
ratings are Stable.

Ak Bars Finance S.A., a Luxembourg-domiciled special purpose
vehicle (SPV), will only pay noteholders principal and interest
received from Ak Bars.

Ak Bars was founded by the government of Republic of Tatarstan in
1993.  It is the largest bank in the region by assets and one of
the 20 largest Russian banks.  The government ultimately
controls, through ministries, government agencies and related
companies, around 93% of the bank's voting shares.

CONTACT:  AK BARS BANK
          Roustem Khadioulline, Deputy CEO
          Phone: +7 095 7377302
          Fax: +7 095 2342178
          E-mail: rkhadioulline@akbars.ru

          FITCH RATINGS
          Alexei Kechko, Moscow
          Phone: +7 095 956 9901
          James Watson
          Phone: +7 095 956 9901
          Web site: http://www.fitchratings.com

          Media Relations
          Julian Dennison, London
          Phone: +44 20 7862 4080


AZNAKAEVSKIY: Court Brings in Insolvency Manager
------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on open joint stock company
Aznakaevskiy.  The case is docketed as A65-19612/2005-SG4-26.
Mr. R. Radyno has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 423576, Russia,
Tatarstan republic, Nizhnekamsk-6, Post User Box 103.  A hearing
will take place on November 28, 2005, 8:00 a.m. at Russia, Kazan,
Kremlin, Building 1, Entrance 2, Room 12.

CONTACT:  AZNAKAEVSKIY
          423330, Russia, Tatarstan republic,
          Aznakaevo, Almetyevskiy Tract, 11

          Mr. R. Radyno
          Temporary Insolvency Manager
          423576, Russia, Tatarstan republic,
          Nizhnekamsk-6, Post User Box 103


BUILDING COMPANY: Under Bankruptcy Supervision
----------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on LLC Building Company #6.  The
case is docketed as A07-13422/05-G-FLE.  Mr. Kh. Shayakbirov has
been appointed temporary insolvency manager.

CONTACT:  BUILDING COMPANY #6
          450112, Russia, Bashkortostan republic,
          Ufa, Ulyanovykh Str. 49

          Mr. Kh. Shayakbirov
          Temporary Insolvency Manager
          420132, Russia, Bashkortostan republic,
          Kazan-132, Post User Box 24

          The Arbitration Court of Bashkortostan republic
          450057, Bashkortostan republic,
          Ufa, Oktyabrskoy Revolyutsii Str. 63a


KAZANSKIY FLAX: Bankruptcy Hearing Set Next Year
------------------------------------------------
The Arbitration Court of Tatarstan republic has commenced
bankruptcy supervision procedure on agro-industrial corporation
Kazanskiy Flax.  The case is docketed as A65-15403/2005-SG4-31.
Mr. S. Sergeev has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 420029, Russia,
Tatarstan republic, Kazan-21, Post User Box 96.  A hearing will
take place on January 19, 2006, 1:15 p.m. at Russia, Kazan,
Kremlin, Building 1, Entrance 2, 2nd floor, Room 22.

CONTACT:  KAZANSKIY FLAX
          420032, Russia, Tatarstan republic,
          Kazan, Gladilova Str. 53

          Mr. S. Sergeev
          Temporary Insolvency Manager
          420029, Russia, Tatarstan republic,
          Kazan-21, Post User Box 96


KIROVSKOYE AIR-ENTERPRISE: Declared Insolvent
---------------------------------------------
The Arbitration Court of Kirov region commenced bankruptcy
proceedings against Kirovskoye Air-Enterprise (TIN 4346009847)
after finding the federal state unitary enterprise insolvent.
The case is docketed as A28-31/04-38/6.  Mr. V. Tkachev has been
appointed insolvency manager.  Creditors have until November 17,
2005 to submit their proofs of claim to 610002, Russia, Kirov
region, Uritskogo Str. 12.

CONTACT:  KIROVSKOYE AIR-ENTERPRISE
          610009, Russia, Kirov region, Airport

          Mr. V. Tkachev
          Insolvency Manager
          610002, Russia, Kirov region,
          Uritskogo Str. 12


KUSHNARENKOVSKIY: Undergoes Bankruptcy Supervision Procedure
------------------------------------------------------------
The Arbitration Court of Bashkortostan republic has commenced
bankruptcy supervision procedure on butter making factory
Kushnarenkovskiy.  The case is docketed as A07-7574/05-G-FLE.
Mr. A. Shaykhetdinov has been appointed temporary insolvency
manager.  A hearing will take place on October 27, 2005, 10:30
a.m. at the Arbitration Court of Bashkortostan republic at Room 3
and 208.

CONTACT:  KUSHNARENKOVSKIY
          452230, Russia, Bashkortostan republic,
          Kushnarenkovo, Zarechnaya Str. 1

          Mr. A. Shaykhetdinov
          Temporary Insolvency Manager
          452230, Russia, Bashkortostan republic,
          Kushnarenkovo, Zarechnaya Str. 1


MASLYANINSKIY: Insolvency Manager Takes over Business
-----------------------------------------------------
The Arbitration Court of Novosibirsk region commenced bankruptcy
proceedings against Maslyaninskiy after finding the flax factory
insolvent.  The case is docketed as A45-7029/05-4/71.  Mr. G.
Taran has been appointed insolvency manager.  Creditors have
until November 17, 2005 to submit their proofs of claim to
630099, Russia, Novosibirsk, Oktyabrskaya Str. 84, Room 10.

CONTACT:  MASLYANINSKIY
          633561, Russia, Novosibirsk region,
          Maslyaninskiy region, Maslyanino

          Mr. G. Taran
          Insolvency Manager
          630099, Russia, Novosibirsk region,
          Oktyabrskaya Str. 84, Room 10


PMK ALEKSEEVSKIY: Bankruptcy Supervision Procedure Begins
---------------------------------------------------------
The Arbitration Court of Belgorod region has commenced bankruptcy
supervision procedure on open joint stock company PMK
Alekseevskiy.  The case is docketed as A08-6759/05-24 "B".  Mr.
O. Savkin has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to Russia, Belgorod
region, Vezelskaya Str. 156.  A hearing will take place on
December 22, 2005.

CONTACT:  PMK ALEKSEEVSKIY
          Russia, Belgorod region, Alekseevskiy region,
          Alekseevka, Molodezhnaya Str. 7a

          Mr. O. Savkin
          Temporary Insolvency Manager
          Russia, Belgorod region,
          Vezelskaya Str. 156


SPRINT-2: Kirov Court Opens Bankruptcy Proceedings
--------------------------------------------------
The Arbitration Court of Kirov region commenced bankruptcy
proceedings against Sprint-2 after finding the close joint stock
company insolvent.  The case is docketed as A28-178/05-237/6.
Ms. E. Esaulova has been appointed insolvency manager.  Creditors
have until November 17, 2005 to submit their proofs of claim to
610002, Russia, Kirov region, Orlovskaya Str. 20-a.

CONTACT:  SPRINT-2
          610018, Russia, Kirov region,
          Post User Box 2412

          Ms. E. Esaulova
          Insolvency Manager
          610002, Russia, Kirov region,
          Orlovskaya Str. 20-a


STANDARD: Succumbs to Bankruptcy
--------------------------------
The Arbitration Court of Kemerovo region commenced bankruptcy
proceedings against Standard after finding the close joint stock
company insolvent.  The case is docketed as A27-17603/2005-4.
Mr. A. Samokhin has been appointed insolvency manager.

CONTACT:  STANDARD
          653013, Russia, Kemerovo region,
          Prokopyevsk, 40 Let Oktyabrya Str. 30

          Mr. A. Samokhin
          Insolvency Manager
          653000, Russia, Kemerovo region,
          Prokopyevsk, 40 Let Oktyabrya Str. 30


UYARSKOYE: Insolvency Manager Enters Firm
-----------------------------------------
The Arbitration Court of Krasnoyarsk region has commenced
bankruptcy supervision procedure on close joint stock company
Uyarskoye.  The case is docketed as A33-12183/2005.  Mr. V.
Fisher has been appointed temporary insolvency manager.

Creditors may submit their proofs of claim to 660022, Russia,
Krasnoyarsk, Aerovokzalnaya Str. 19, Office 302.  A hearing will
take place on January 12, 2006 at Russia, Krasnoyarsk, Lenina
Str. 143, Room 14.

CONTACT:  UYARSKOYE
          Russia, Krasnoyarsk region, Sushinovka

          Mr. V. Fisher
          Insolvency Manager
          660022, Russia, Krasnoyarsk region,
          Aerovokzalnaya Str. 19, Office 302


YUKOS OIL: Hearing on 2001 Tax Bill Appeal Set Next Month
---------------------------------------------------------
The Moscow District Federal Arbitration Court will consider a
cassation appeal filed by Yukos Oil against a RUB115.3 billion
tax bill for 2001 on November 22.  The cassation proceedings on
the rulings by the Ninth Moscow Arbitration Appeals Court and
Moscow Arbitration Court have been suspended in May.

The Ninth Moscow Arbitration Appeals Court and Moscow Arbitration
Court upheld the ruling by the Tax Ministry on Feb. 9, 2005 and
Nov. 17, 2004, respectively.
Yukos is an oil-and-gas company headquartered in Moscow, Russia.
It filed for chapter 11 protection in December 2004 (Bankr. S.D.
Tex. Case No. 04-47742).  A few days after, its main production
unit Yugansk was sold by the government to a little-known firm
OOO Baikalfinansgroup for US$9.35 billion.  The sale was aimed at
paying for a US$27.5 billion tax bill for 2000-2003.  Its
bankruptcy case was dismissed in February.  Yukos has only paid
US$11 billion so far, according to tax authorities.

Zack A. Clement, Esq., C. Mark Baker, Esq., Evelyn H. Biery,
Esq., John A. Barrett, Esq., Johnathan C. Bolton, Esq., R.
Andrew Black, Esq., Fulbright & Jaworski, LLP, represent the
Debtor in its restructuring efforts.  When the Debtor filed for
protection from its creditors, it listed US$12,276,000,000 in
total assets and US$30,790,000,000 in total debt.

CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


YUKOS OIL: Lithuanian Asset Seized; Sale Decision Deferred
----------------------------------------------------------
The Dutch embassy has officially informed the Lithuanian
government regarding the arrest of Yukos International U.K.'s
shareholding in Mazeikiu nafta, RosBusinessConsulting reports.

Mazeikiu nafta is one of the last two foreign assets of Yukos
that have not been seized by the Russian government as part of
efforts to collect payment for the firm's back-tax bill.  The
other is a property in the Netherlands.

The Lithuanian government owns 40.6% of Mazeikiu; Yukos holds
53.7% and management rights.  The government plans to buy out
Yukos' stake, and afterwards dispose of it together with half of
its own shares.  It hopes to raise US$350 million from the sale
of its holding.  It was supposed to decide on the winning bidder
on Oct. 12, but decided against it after the arrest of the stake,
the report said.  Russian-British TNK-BP reportedly bested seven
contenders for the asset.

Yukos is selling the stake to help pay its back-tax bill that as
of June 29 stood at US$2 billion, according to the Russian
Justice Ministry.  The market value of the Yukos-owned stake is
between US$1.5-2 billion.

Mazeikiu owns a refinery, the Butinge offshore terminal and a
pipeline.  It had net profit of LTL378.9 million (EUR109.6
million) in the first half on sales of LTL4.8 billion.

CONTACT:  YUKOS OIL
          Web site: http://www.yukos.com/
          International Information Department
          Hugo Erikssen
          Phone: +7 095 540 6313
          E-mail: inter@yukos.ru

          Investor Relations Contact
          Alexander Gladyshev
          Phone: +7095 788 00 33
          E-mail: investors@yukos.ru


=========
S P A I N
=========


IZAR: Pact with Workers Threatens Sale of Shipyards
---------------------------------------------------
Collapsed shipbuilder Izar moved a step closer towards
privatization after an extraordinary meeting approved its
liquidation, Lloyds List says.

The problem now is how to attract buyers for the company's
shipyards -- Sestao, Manises, Seville and Gijon -- which must be
sold as one, pursuant to an agreement with the union in December.
The agreement also gives the union a say in the selection of
bidders.  The creditors committee, advised by Boston Consulting
Group S.L., doubts it can follow the terms of the deal.

The four shipyards are the remnants of the old Izar, which, prior
to its bankruptcy, had military shipyards that now comprise
Navantia.  Launched in March, Navantia inherited the profitable
shipyards in Ferrol, Fene, Cartagena, Cadiz, Puerto Real and San
Fernando.  It remains state-owned through SEPI, the government
holding company in-charge of commercial activities.

The slimmed down Izar, now employing 4,150 down from 11,000,
posted a measly EUR31.69 million first-quarter turnover, a
substantial drop from EUR261.8 million last year.  Losses also
swelled threefold to EUR66.5 million, according to Lloyds List.

SEPI will use part of the sale proceeds to repay EUR1.2 billion
in state aid that the European Commission has ruled illegal.  The
Commission had given Izar until December last year to make the
repayment, but until now has failed to do so.  Izar became
technically bankrupt in May last year.

CONTACT:  IZAR CONSTRUCCIONES NAVALES a.s.
          Velazquez Street 132
          28006 Madrid, Spain
          Phone: +34 91 335 84 00
          Fax: +34 91 335 86 52
          E-mail: izar@izar.es
          Web site: http://www.izar.es

          SOCIEDAD ESTATAL DE PARTICIPACIONES INDUSTRIALES
          Velasquez, 134
          28006 Madrid, Spain
          Phone: +34-91-396-10-00
          Fax: +34-91-562-87-89
          Web site: http://www.sepionline.com


===========================
U N I T E D   K I N G D O M
===========================


ADP COATINGS: Calls in Administrator from Cresswall Associates
--------------------------------------------------------------
Gordon Craig and Daniel Paul Hennesay (IP Nos 0975, 1388) of
Cresswall Associates Limited were appointed joint administrators
of ADP Coatings Limited (Company No 01742519) on Sept. 30.  The
company distributes paints.

CONTACT:  A D P COATINGS LTD.
          Unit 1, Appian Way Indstl Est,
          Manchester M7 4WX
          Phone: 0161-792-1034

          CRESSWALL ASSOCIATES LIMITED
          West Lancashire Investment Centre,
          White Moss Lane, Skelmersdale WN8 9TG


AGENDA ASSIGNMENT: Names Baker Tilly Administrator
--------------------------------------------------
Adrian David Allen and Philip Edward Pierce (IP Nos 8740 and
9364) of Baker Tilly were appointed joint administrators of
Agenda Assignment Limited (Company No 04340393) on Sept. 28.

The company offers uPVC windows, doors, fascias and guttering.
It trades under the name Agenda Assignment Ltd., and is
registered in England.

Visit http://www.safeguardwindows.co.uk/for more information.

CONTACT:  SAFEGUARD WINDOWS & CONSERVATORIES
          Safeguard House
          Unit 4 The Courtyard
          118 Church Street
          Hunslet
          Leeds LS10 2JA
          Phone: 0113 276 5715
          Fax: 0113 276 5892
          E-mail: enquiries@safeguardwindows.co.uk

          BAKER TILLY
          2 Whitehall Quay, Leeds LS1 4HG
          Phone: 0113 285 5000
          Fax:   0113 285 5001
          Web site: http://www.bakertilly.co.uk


AGFAPHOTO UK: Business for Sale
-------------------------------
J. P. Bradney and S. T. Bennett of BKL Business Recovery offer
for sale the business and assets of Agfaphoto U.K. Ltd. (in
administration).

Features:

(a) Sale and service of photographic processing machinery and
    consumables based in Brentford, Middlesex, and operating
    nationwide;

(b) GBP23 million in annual turnover;

(c) Portfolio of service contracts;

(d) Extensive customer database; and

(e) Approximately 30 fully supported skilled service, sales and
    administration staff

CONTACT:  AGFAPHOTO UK LTD.
          27, Great West Road
          Brentford-Middlesex TW8 9AX
          Phone: +44 208 231 4985
          Fax: +44 208 231 4441

          BKL Business Recovery
          35 Ballards Lane
          London N3 1XW
          Phone: 020 8922 9222
          Fax: 020 8922 9223
          Web site: http://www.bkl.co.uk
          Contact:
          James Bradney or Matt Evans
          Phone: +44 (0) 20 8922 9222
          Fax: +44 (0) 20 8371 1872
          E-mail: matt.evans@bkl.co.uk

          Bache Treharne LLP
          76-78 Red Lion Street
          London WC1R 4NA
          Phone: 020 7405 6655
          Fax: 020 7405 6688
          E-mail: London@bachellp.com
          Web site: http://www.bachellp.com
          Contact:
          Kevin Smyth or Chris Hall
          Phone: +44 (0) 207 405 6655
          Fax: +44 (0) 207 405 6688
          E-mail: ksmyth@bachellp.com


AIRSPRUNG FURNITURE: Sells Unprofitable Subsidiary
--------------------------------------------------
The Board of Airsprung Furniture Group PLC agreed to sell its
loss-making upholstery subsidiary Peter Guild to Sistra Limited,
a new company set up by a director of Peter Guild and trade
associates.

Airsprung will receive a consideration of GBP400,000, payable in
performance-related installments, plus the repayment over one
year of a GBP275,000 loan secured against Peter Guild assets.

Peter Guild, based in Bedford, was acquired by Airsprung in June
2001 and has not delivered profits within the Group.  The current
Directors of Airsprung believe that, with an annual turnover of
about GBP2 million out of a Group total of over GBP40 million,
Peter Guild is too specialized to warrant the top management
resource necessary to bring it to profitability, and that efforts
will be better focused on Airsprung's mainstream businesses.

The impact of the disposal will not be reflected in Airsprung's
half-year results for the period to end-September 2005 which will
be announced early in December, but there will be exceptional
charges in the year to end-March 2006 reflecting a write-off of
assets and accelerated depreciation.  These are not expected to
exceed GBP750,000.  The consideration on the disposal will not be
accrued until cash payments are received.

This transaction will eliminate Peter Guild trading losses of
over GBP250,000 per annum in Airsprung's consolidated accounts.
Airsprung's upholstered furniture interests will now be
concentrated on the Cavendish brand and factory based in
Lancashire, which is supported by an increasing volume of
products outsourced from overseas.

As indicated in our September AGM statement the Group continues
to make progress in reducing the level of operating losses from
its continuing businesses.

Despite an extremely difficult retail environment, sales this
year to date are ahead of last year and gross margins are showing
small but continuing improvement due to increased manufacturing
and buying efficiencies.

The results for the full year will be, as always, heavily
dependent on sales in the pre-Christmas and New Year periods.
Nevertheless, excluding the impact of the Peter Guild disposal
and barring unforeseen circumstances, the Board believes that the
operating results for the year will show a significant
improvement on 2005.

CONTACT:  AIRSPRUNG FURNITURE GROUP PLC
          Tony Lisanti, Chief Executive
          Phone: 01225 779 114


ALEXANDER FORBES: Members Decide to Wind up Firm
------------------------------------------------
S. McCulloch, the director of Alexander Forbes 10115 Limited,
informs that special, ordinary and extraordinary resolutions to
wind up the company were passed.  J. R. D. Smith and N. J. Dargan
of Deloitte and Touche, PO Box 810, Athene Place, 66 Shoe Lane,
London EC4A 3WA were appointed joint liquidators of the company.

Creditors are required on or before November 7, 2004 to send in
their full names and addresses, with particulars of their debt or
claims, to J. R. D. Smith of Deloitte and Touche at PO Box 810,
Athene Place, 66 Shoe Lane, London EC4A 3WA the Joint Liquidator
of the company, and, if so required by notice in
writing, to prove their said debt or claims.

CONTACT:  DELOITTE & TOUCHE LLP
          Athene Place
          66 Shoe Lane
          London EC4A 3BQ
          Phone: 00 44 (0) 207 936 3000
          Fax: 00 44 (0) 207 779 4001
          Web site: http://www.deloitte.com


ALLIED GLASS: Hires Begbies Traynor Administrator
-------------------------------------------------
Peter A. Blair and Paul Finnity (IP Nos 8886, 8768) of Begbies
Traynor were appointed joint administrators of Allied Glass &
Blinds Limited (Company No 05011490) on Oct. 7.  The company's
registered office is at Regency House, 21 The Ropewalk,
Nottingham NG1 5DU.

CONTACT:  ALLIED GLASS & BLINDS LTD.
          Claylands Close
          Worksop, Nottinghamshire S81 7AJ
          Phone: 01909 470800
          Fax: 01909 470900

          BEGBIES TRAYNOR
          Regency House,
          21 The Ropewalk, Nottingham NG1 5DU
          Phone: 0115 941 9899
          Fax:   0115 945 4845
          Web site: http://www.begbies.com


APPLIED INDUSTRIAL: Names Begbies Traynor Liquidator
----------------------------------------------------
P. Pye, chairman of Applied Industrial & General Cleaning
Services Ltd., informs that resolutions to wind up the company
were passed at an EGM held on Sept. 27 at Chiltern House, 24-30
King Street, Watford WD18 0BP.

Richard Andrew Segal and Paul Michael Davis of Begbies Traynor
(South) LLP, 32 Cornhill, London EC3V 3BT were appointed Joint
Liquidators.

CONTACT:  APPLIED INDUSTRIAL & GENERAL CLEANING SERVICES LTD.
          1 Bridge Close, Romford, RM7 0AU
          Phone: 01708 725356

          BEGBIES TRAYNOR (SOUTH) LLP
          32 Cornhill, London EC3V 3BT
          Phone: 020 7398 3800
          Fax:   020 7398 3799
          Web site: http://www.begbies.com


ASHTEAD GROUP: Sunbelt Buys Northridge Equipment Services
---------------------------------------------------------
Ashtead Group plc has disclosed that its U.S. subsidiary, Sunbelt
Rentals, has acquired Northridge Equipment Services, Inc. from
the Groff family for a total consideration of US$69.6 million
(GBP39.7 million).

Northridge operates five rental stores in southern and central
California based in Northridge (northern Los Angeles),
Bakersfield, Lompoc, Fresno and Palmdale.  Its market coverage
includes a geographic area with a population of over 13 million
(c37% of California's total population) containing three of the
top 65 metropolitan areas in the U.S.

In the year to 30 September 2005, Northridge reported total
revenues of US$38.3 million, EBITDA of US$12.9 million, EBITA of
US$6.4 million and profit before tax of US$6.2 million.  The book
value of its total assets at that date was US$38.6 million and
the business has been acquired debt free.  The acquisition
consideration was financed through the Group's existing credit
facilities.  Excluding certain one time costs and gains, which
will not be incurred in future, Northridge's adjusted EBITDA for
the year ended 30 September 2005 was US$14.8 million and the
ratio of the consideration to adjusted EBITDA was 4.7 times.

This acquisition brings the number of stores operated by Sunbelt
in the central and southern California markets to 10.  Since the
start of our financial year on 1 May 2005, Sunbelt has now
acquired a total of 15 stores whose annual revenues exceed US$64
million and has opened a further three new stores on a greenfield
basis.

George Burnett, Ashtead's chief executive, said: "Northridge is a
strong business with five stores which are well established in
their local markets.  Its acquisition significantly strengthens
Sunbelt's presence in central and southern California and
continues our strategy of focusing on the development of
significant clusters of conveniently located stores in attractive
markets.  We have invested US$100 million so far this year on
acquisitions that extend Sunbelt's presence in attractive US
markets."

                        About the Company

Registered in the U.K., Ashtead is a leading provider of rental
equipment in the U.K. and the U.S. through its a-Plant and
Sunbelt subsidiaries.  As at financial year ending April 30,
2005, the group generated annual revenues of GBP523.7 million and
EBITDA of GBP169.7 million.  Net debt stood at GBP493.2 million.

In July, Ashtead completed its refinancing, which included:

(a) the raising of approximately GBP70 million before expenses
    through the Placing and Open Offer of approximately 73.4
    million New Ordinary Shares at 95.5 pence per share; and

(b) the raising of US$250 million (approximately GBP142
    million), before expenses, by the issue of New Senior Loan
    Notes, which carry an interest rate of 8 5/8% and will be
    repayable in full in August 2015.

From the proceeds of the refinancing, Ashtead has now repaid the
Convertible Loan Note at a discount of approximately 11% and will
redeem GBP42 million of the existing Senior Loan Notes, which
carry interest at a rate of 12%.

Together these transactions have further deleveraged the balance
sheet and reduced borrowing costs; further extended the average
debt maturity to approximately 7 years; avoided the potential
dilution to existing shareholders which would occur if the
Convertible Loan Note were to convert into equity; broadened the
investor base; and facilitated the payment of dividends in the
future.

CONTACT:  ASHTEAD GROUP PLC
          King's Court, 41-51 Kingston Rd.
          Leatherhead
          Surrey KT22 7AP, United Kingdom
          Phone: +44-1372-362-300
          Fax: +44-1372-376-610
          Web site: http://www.ashtead-group.com


AUDRIC ENGINEERING: Hires Mazars Administrator
----------------------------------------------
Timothy Colin Hamilton Ball and Lucinda Ann Field (IP Nos 8018,
9295) of Mazars LLP were appointed joint administrators of Audric
Engineering Limited (Company No 04276089) on Sept. 30.

CONTACT:  AUDRIC ENGINEERING LTD
          Fowlswick Business Park
          Fowlswick Lane
          Allington
          Chippenham SN14 6QE
          Phone: 01249 782606

          MAZARS LLP
          Clifton Down House
          Beaufort Buildings
          Clifton Down, Clifton
          Bristol, Avon BS8 4AN
          Phone: 0117 973 4481
          Fax: 0117 974 5203
          E-mail: tim.ball@mazars.co.uk


AV1 DESIGNS: Names Bond Partners Liquidator
-------------------------------------------
A. Mixides, the director of AV1 Designs Limited, informs that
special and ordinary resolutions to wind up the company were
passed at an EGM held on Sept. 28 at The Grange, 100 High Street,
London N14 6TB.  T. Papanicola of Bond Partners LLP, The Grange,
100 High Street, London N14 6TG was appointed liquidator.

Creditors are required on or before November 4, 2005 to send in
their full forenames and surnames, their addresses and
descriptions, full particulars of their debt or claims, and the
names and addresses of their Solicitors (if any), to T.
Papanicola of Bond Partners LLP, The Grange, 100 High Street,
London N14 6TG, the Liquidator of the Company, and, if so
required by notice in writing of their debt or claims.

CONTACT:  BOND PARTNERS LLP
          The Grange
          100 High Street
          London N14 6TG
          Phone: 020 8444 2000
          Fax: 020 8444 3400


BSA GROUP: Enters Administrative Receivership
---------------------------------------------
On 13 October 2005, Garry Wilson and Alan Hudson of Ernst & Young
LLP were appointed Joint Administrative Receivers at four
companies, which form part of the historical engineering firm the
BSA Group.

BSA Metal Powders is based in Birmingham and employs 50 people.
The company manufactures water and nitrogen atomized ferrous and
non-ferrous metal powders, and supplies a diverse global customer
base.

BSA Precision Castings, based in Redditch, employs 50 people, and
manufactures high quality precision components. The company
operates across a wide variety of market sectors, including the
automotive industry.

The receivership also includes Redditch Properties, which owns
the estate occupied by the castings business, and BSA Holdings,
the Group's holding company.

In addition, on 17 October 2005, Garry Wilson and Alan Hudson
were appointed Administrators of BSA Advanced Sintering Limited,
a subsidiary of BSA Holdings Limited, which operates a
manufacturing site in Ipswich and employs 150 people.

The businesses affected employ a total of 270 people.

Angela Swarbrick of Ernst & Young, who is running the
Administrative Receivership, said: "Increasing global
competition, particularly from the emerging markets, coupled with
the faltering European automotive market, has resulted in volumes
of trade falling away.

"We are continuing to trade the businesses with a view to finding
a buyer and early indications are that there is interest from
several parties."

"The companies have an excellent reputation, a solid blue chip
client base and boast some of the most advanced facilities in the
world and believe that this will attract additional interest."

"The Receivers are working hard to avoid disruption to the Group'
s customers, particularly those in the automotive sector who
utilize a "just in time" manufacturing process."

The Group also has a 'bus doors' business. These businesses,
based in Beverley and Essex are not in insolvency and are
continuing to trade as normal.

BSA Holdings Ltd, dates back to the Crimean War when 14 master
gunsmiths joined together to form the Birmingham Small Arms
Company Limited (BSA) to supply arms to British forces. The
Group, which has a turnover of GBP30 million, has a rich history
in automotive manufacturing - first producing BSA motorcycles and
then venturing into car production following its acquisition of
Daimler of Coventry in 1910.

Acquired from MBC in 2003 by BSA Holdings, the business operates
across a vast range of industries including automotive,
transport, civil engineering, healthcare, nuclear power,
pharmaceuticals, brewing and food, aerospace, air conditioning,
refrigeration agricultural machinery, marine diesel and power
tools.

CONTACT:  BSA PRECISION CASTINGS
          Shawbank Road
          Lakeside
          Redditch
          Worcestershire B98 8YN
          United Kingdom
          Phone: 00 (44) 01527 527 501
          Fax: 00 (44) 01527 502 533
          E-mail: sales@bsaprecision.co.uk
          Web site: http://www.bsaprecision.co.uk

          BSA METAL POWDERS
          Montgomery Street
          Birmingham B11 1DT
          United Kingdom
          Phone: 00 (44) 01217 737 386
          Fax: 00 (44) 01217 723 587
          E-mail: sales@bsapowders.com
          Web site: http://www.bsapowders.com


CAPE PLC: Extends Consultation with Claimants Until End of Oct.
---------------------------------------------------------------
On 16 June 2005, Cape plc disclosed a proposed Scheme of
Arrangement to provide for the long term financing of a great
majority of all future U.K. asbestos-related claims likely to be
successfully made against the Group.  The proposals included the
establishment of an initial GBP40 million fund, into which the
Company will have ongoing top-up obligations, to be used in the
settlement of claims covered by the Scheme.  The fund is planned
to exist for as long as there are Scheme claims, currently
estimated to be not less than 46 years.

Since the announcement, Cape and its advisors have engaged in
consultation with all interested parties, claimants, asbestos
victims support groups and their representatives, members of
parliament, and trade union officials.  The purpose of this
consultation was to provide further detail and to make clear the
merits of the Scheme to both existing and future claimants.  The
board believes that the Scheme significantly reduces all future
claimants risk of not receiving compensation.  As set out in the
announcement dated 21 July 2005 in order to accommodate the level
of interest and to ensure that all parties had sufficient time to
consider these proposals the consultation period was extended by
agreement to the end of October 2005.

Arising from the consultation process the board, along with its
legal advisors and counsel, has given further consideration as to
how certain claims that may arise from former employees
previously employed by liquidated companies, former subsidiaries
of the group, should be handled going forward.  After careful
consideration the board has decided that it is in the interests
of all claimants that future claims of this type should be
included in the Scheme.

Although this does not increase the total number of claims likely
to come forward this will inevitably result in an increase in the
number of claims to be satisfied by the scheme.  The board has
therefore asked its independent actuaries to review the effect of
recognizing these claimants within the Scheme.  The Scheme will
continue to be subject to independent review every three years
with a subsequent annual top up by the Company as and when
necessary.

The board believes that these proposals are in the interests of
all stakeholders and in particular future claimants.  As a
consequence Cape will shortly attempt to contact all relevant
former employees affected by this decision asking that they
register their interest in the scheme.

Martin K May, Chairman of Cape PLC, commented: "The company
believes that it is far better for U.K. claimants to be in the
Scheme than outside as it helps to minimize the risk to their
future payments.  We reiterate that the proposed GBP40 million
fund is an initial figure, which we are committed to top up as
and when necessary.  The Company remains committed to the fund
for as long as there are Scheme claims, currently estimated to be
not less than 46 years."

CONTACT:  CAPE PLC
          Martin May, Chairman
          Phone: +44 (0) 1924 876 276

          BELL POTTINGER CORPORATE & FINANCIAL
          Nick Lambert
          Phone: +44 (0) 20 7861 3232/+44 (0) 7811 358 764


CO-OPERATIVE INSURANCE: Employees Vote on New Labor Proposal
------------------------------------------------------------
Co-operative Insurance Society workers who are members of union
USDAW will be balloted this week on the terms of new labor
contracts.  More than 90% of the staff supports the proposals,
according to Manchester Evening News.  A working party has
already been set up to monitor the situation over the next six
months, USDAW and Co-operative Financial Services said in a joint
statement.

USDAW claims the new contracts would worsen workers' conditions,
with dismissal as option.  They previously claimed it would cut
pay by 30%.  About 2,000 salesmen last month staged a two-day
strike, the first in 35 years, to oppose a deal.

Last year, the company unveiled plans to drop 2,000 jobs in two
years as part of its restructuring scheme, following a review of
its businesses.  Thus far, 130 workers have been axed.

The new deal is in response to the increasingly competitive
market.  CIS rivals are now offering services via the Internet or
phone.  Established in 1867, CIS prides itself as the only
co-operative insurance company in the United Kingdom.  With a
workforce of 9,000 people, it currently administers more than
GBP20 million of money from 5.4 million customers.

CONTACT:  CO-OPERATIVE INSURANCE SOCIETY LTD.
          Miller Street
          Manchester
          M60 0AL
          Phone: 08457 46 46 46
          E-mail cis@cis.co.uk
          Web site: http://www.cis.co.uk


DMI NORTH: Calls in Liquidators from KPMG
-----------------------------------------
Anthony Morley and Donald Richard Mackness, the directors of DMI
North East Limited, informs that special, ordinary and
extraordinary resolutions to wind up the company were passed at a
general meeting held on Oct. 5.  John Paul Bateman and Brian
Green of KPMG LLP, 8 Princes Parade, Liverpool L3 1QH were
appointed joint liquidators.

CONTACT:  KPMG LLP
          8 Princes Parade,
          Liverpool L3 1QH
          Phone: (0151) 473 5100
          Fax:   (0151) 473 5200
          Web site: http://www.kpmg.co.uk


DP FURNITURE: Succumbs to Administration
----------------------------------------
Ian Green and Ian Stokoe of PricewaterhouseCoopers were appointed
joint administrators of DP Furniture Express Limited (DPFX),
Durham Pine Limited (DP), DP Wholesale Limited (Wholesale) and
Spinco Limited (Spinc) on 17 October 2005.

DPFX, a non-trading holding company, has four subsidiaries: DP,
Wholesale, Spinco and Durham Pine Franchising Limited.
Administrators have not been appointed to Durham Pine Franchising
Limited and it is trading as normal.

DP is a mid-market retailer of quality furniture with a network
of 31 stores throughout the U.K.  The group headquarters is based
in Sunderland, Tyne & Wear, employs around 200 staff and has an
annual turnover of approximately GBP30 million.

Wholesale and Spinco are non-trading subsidiaries and have no
employees.

Customers who are concerned about outstanding orders should
contact their local store in the first instance.

Joint Administrator Ian Green, of PricewaterhouseCoopers, said:
"Over the last twelve months the directors and management of the
group have worked hard to restructure the business to cope with
an increasingly competitive market.  Unfortunately, this pressure
combined with a deteriorating retail market, has led the
directors to conclude the group does not have sufficient funds
available to it to support ongoing operations.  The directors
have therefore appointed joint administrators in an effort to
protect the interests of suppliers and customers.

"Naturally we understand there will be a number of disappointed
customers and we will be assessing the position as regards
outstanding customer orders as a matter of urgency.  We will also
be assessing the viability of individual retail units with a view
to allowing trading to continue while we seek a buyer for the
business and assets."

John Marshall, founder and chief executive of the group, said:
"It is with great regret that after twenty one years running a
successful retail operation we have found it necessary for part
of the group to go into administration.  Every effort is being
made to secure as many jobs as possible and I hope to see a
viable business continuing to trade."

CONTACT:  DP FURNITURE EXPRESS LIMITED
          Phone: 0191 5162628
          E-mail: customerservice@dp-fx.com

          Ian Green
          Phone: 0113 289 4000
          E-mail: ian.green@uk.pwc.com

          Jenny Britton
          Business Recovery Services PR Manager
          Phone: 020 7212 2970
          Fax: 07855 522485
          E-mail: jenny.britton@uk.pwc.com


EMPOWERED SERVICES: Files for Liquidation
-----------------------------------------
A. Salmon, chairman of Empowered Services Ltd., of Empowered
Services Limited informs that resolutions to wind up the company
were passed at an EGM held on Sept. 28 at ThorntonRones, First
Floor, 167 High Road, Loughton, Essex IG10 4LF.

Richard Rones of ThorntonRones, First Floor, 167 High Road,
Loughton, Essex IG10 4LF was appointed liquidator.

CONTACT:  EMPOWERED SERVICES LTD.
     Allerford House, 305 Ley Street
          Ilford, Essex IG1 4BN
          Phone: 020-8491-3422

          THORNTONRONES
          1st Floor
          167 High Road
          Loughton
          Essex IG10 4LF
          Phone: 020 841 9333
          Fax: 020 8418 9444
          E-mail: info@thorntonrones.co.uk


EQUITABLE LIFE: Abandons Claim Against Former Chief Executive
-------------------------------------------------------------
Equitable Life Assurance Society has reached settlement terms
with Alan Nash, former chief executive of the Society, on the bas
is that the Society discontinues its claim with each side paying
its own costs.

As the action by the Society is continuing against 10 former
directors, the Society can make no further comment.  Mr. Nash was
an executive director of the Society from July 1993 to December
2000, and chief executive from July 1997 to December 2000.

                            *   *   *

Equitable Life had also reached a similar settlement terms with
David Wilson and Roger Bowley, two of the Society's former
directors.  Mr. Wilson was a non-executive director of the
Society from April 1994 to June 1999, while Mr. Bowley served as
executive director from July 1989 to December 1997.

On 3 October 2005, Equitable Life abandoned its negligence claim
against former directors Peter Martin and Shaun Kinnis.  In
return, the two have agreed to pay for their own legal fees.
The insurer had also withdrawn a portion of its claim against
former Chief Executive Chris Headdon, who also had served as
reporting actuary.

Last month, the insurer also withdrew its GBP700 million action
against former auditor Ernst & Young, which left it facing angry
policyholder groups, and legal costs of GBP30 million.  The
company had claimed that had it been made aware of its true
financial position in 1998, the board would have sold the
company, earning over GBP1 billion in the process.  In 2000, the
House of Lords forced it to recognize guarantees on policies sold
in the 1970s and 1980s, which cost Equitable millions.

CONTACT:  THE EQUITABLE LIFE ASSURANCE SOCIETY
          Walton Street
          Aylesbury
          Buckinghamshire HP21 7QW
          United Kingdom
          Phone: +44-870-901-0052
          Web site: http://www.equitable.co.uk


ESTRON FLOORTECH: Calls in Joint Liquidators
--------------------------------------------
D. S. Law, director of Estron Floortech Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 3 at 5 Fairmile, Henley-on-Thames, Oxfordshire RG9 2JR.

Paul W. Ellison and Robert C. Keyes were appointed Joint
Liquidators.

CONTACT:  ESTRON FLOORTECH LTD.
     250 High Street, Langley
          Slough, Berkshire SL3 8HA


E WALTERS: Administrator Sells Biz to Former Managers
-----------------------------------------------------
Clothing company E Walters has been bought out of administration
by two of its managers, siblings Jean and Julian Walters,
according to Shropshire Star.  The two are children of Ed
Walters, who founded the firm in 1957.

The company hired administrators Myles Halley and Richard Fleming
from KPMG in August due to trading difficulties.  The
administrators kept the business trading while it seeks for a
buyer, but were forced to make 50 of 190-strong workforce
redundant.

Richard Kirby, a former director of the old company, and
businesswoman Rosanna Cooper bought ten E Walters U.K. Ltd. shops
in Ludlow, Newtown, Builth Wells, Leominster and other towns.
They plan to create a new company Quality Style and Value Ltd.,
and trade as Legs Clothing.  The part acquired by the Walters
will be renamed E Walters UK Ltd.

CONTACT:  KPMG LLP
          2 Cornwall Street
          Birmingham B3 2DL
          Phone: (0121) 232 3000
          Fax: (0121) 232 3500
          Web site: http://www.kpmg.co.uk

          Douglas MacBean/Richard Voice
          Phone: 0121 232 3278
          Fax: 0121 335 2501


E WALTERS: Creditors Meeting Set Last Week of October
-----------------------------------------------------
The creditors of E Walters (Ludlow) Limited will meet on October
31, 2005 at 10:00 a.m.  It will be held at KPMG, 2 Cornwall
Street, Birmingham B3 2DL.

Creditors who want to be represented at the meeting may appoint
proxies.  Proxy forms must be submitted together with written
debt claims to Myles Antony Halley and Richard Dixon Fleming of
KPMG, 2 Cornwall Street, Birmingham B3 2DL not later than 12:00
noon, October 28, 2005.

E Walters UK is a family-owned and managed business founded in
1957.  The company supplies trousers, jeans wear, jackets and
shirts to leading European retailers.  Visit
http://www.ewalters.co.uk/for more information.

CONTACT:  E WALTERS (LUDLOW) LIMITED
          Southern Ave., Leominster HR6 0LY,
          United Kingdom
          Phone: 44 1568 613344
          Fax: 44 1568 610860

          KPMG LLP
          2 Cornwall Street
          Birmingham B3 2RT
          Phone: (0121) 232 3000
          Fax:   (0121) 232 3500
          Web site: http://www.kpmg.co.uk


FIELDEN HANDLING: Goes into Liquidation
---------------------------------------
B. Manson, chairman of Fielden Handling Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 29 at Burley House, 12 Clarendon Road, Leeds LS2 9NF.
Gerald Maurice Krasner of Bartfields (UK) Limited, Burley House,
12 Clarendon Road, Leeds LS2 9NF was appointed liquidator.  The
resolutions and the appointment were confirmed at a subsequent
meeting of creditors.

CONTACT:  FIELDEN HANDLING LIMITED
          Halifax
          Walton Street
          Sowerby Bridge
          West Yorkshire
          HX6 1AW
          United Kingdom
          Phone: (01422) 831548
          Fax: (01422) 834910
          Web site: http://www.fielden.co.uk

          BARTFIELDS (UK) LIMITED
          Burley House
          12 Clarendon Road
          Leeds
          West Yorkshire LS2 9NF
          Phone: 0113 244 9051
          Fax: 0113 234 3208
          E-mail: gerald.krasner@bartfield.co.uk


GALLAHER GROUP: Seeks Clarification on Smoking Ban
--------------------------------------------------
Gallaher Group plc is naturally disappointed with the Northern
Ireland Health Minister Shaun Woodward's announcement of a
complete ban on smoking in workplaces, including pubs, clubs and
restaurants.

The company will be contacting the Minister to seek clarification
on his proposals and to outline the potential impact on our
business in Northern Ireland.

Gallaher is one of the largest manufacturing facilities in
Northern Ireland, with operations based in Ballymena.  The
company also has a research and development function in its
Northern Ireland operations.  In order to ensure compliance with
legislation, product development and quality control testing
Gallaher, through its research and development function, is
required to conduct processes involving smoking within this
workplace.

As part of the Minister's proposed consultation, the company
hopes its concerns regarding its ability to conduct future
research and development activity in Northern Ireland will be
taken into account.

Furthermore, the company is concerned that the ban will have a
huge impact on the hospitality sector in Northern Ireland, as
evidenced in the Republic of Ireland.  The Licensed Vintners
Association, the trade association for licensees in Dublin found
that pub employment levels decreased by 14%, turnover decreased
by 16% and 63% of Dublin licensees said that the ban had had a
major impact on business.

Gallaher believes that it is important that the wishes of both
smokers and those who do not like tobacco smoke are accommodated.
An outright ban is neither required, nor appropriate to achieve
this goal.  Providing choice between smoking and non-smoking
facilities means that nobody needs to be exposed unwillingly to
other people's smoke, freedom of choice is preserved and pubs,
clubs, bars and hotels avoid the threat of going out of business.

Indeed this approach reflects the wishes of the majority of the
people of Northern Ireland.  Government data, from the Office of
National Statistics, shows that in the U.K. only 31% of people
want a total ban on smoking in pubs.

Similar research undertaken in Northern Ireland, by Populus, on
behalf of FOREST, found that only 33% of people consider smoking
should be banned completely in all pubs, bars and clubs.

                        About the Company

Gallaher was established in Northern Ireland in 1857.  The Group
is an international tobacco manufacturing and wholesale company
with headquarters in the U.K., has leading positions in Austria,
Germany, Kazakhstan, the Republic of Ireland, Russia, Sweden and
the U.K.  Gallaher's comprehensive brand portfolio includes
Benson & Hedges, Silk Cut, Mayfair, Sovereign, Sobranie,
Dorchester, Troika, LD, Memphis, Meine Sorte, Ronson, Blend,
Hamlet, Old Holborn, Amber Leaf and Condor.

The Gallaher Group employs over 11,000 people, with manufacturing
plants in Austria, Kazakhstan, Poland, Romania, Russia, South
Africa, Sweden, Ukraine and the U.K.  Gallaher's shares are
listed on the London Stock Exchange and its ADRs are traded on
the New York Stock Exchange.

CONTACT:  GALLAHER GROUP PLC  (NYSE: GLH [ADR])
          Members Hill, Brooklands Road
          Weybridge
          Surrey KT13 0QU, United Kingdom
          Phone: +44-1932-859777
          Fax: +44-1932-832792
          Web site: http://www.gallaher-group.com


GATE GOURMET: To Sign New British Airways Contract this week
------------------------------------------------------------
Gate Gourmet will resume supplying meals to British Airways (BA),
ending almost two months of disruption to the carrier's meal
service.

Citing a source privy to the matter, Reuters said Gate Gourmet
and BA will sign a new deal this week.  BA has offered to
increase the contract value by GBP10 million to GBP140 million
and extended it to 2010; but it will only be signed after the
caterer has resolved its row with workers.  Reuters, citing
another source, said Gate Gourmet and workers are now close to
reaching an agreement that will allow the company to cut jobs
without risking more strikes.

The Transport & General Workers Union (T&G), which clashed with
Gate Gourmet, said there is no reason to delay the BA contract
since its dispute with the caterer had been resolved.  But BA
insists the contract will be signed only after individual staff
shall have signed the "peace plan."  The plan includes a mix of
forced and voluntary redundancies.

"The basic shape of the contract is agreed but is not signed as
yet," a BA spokesman said.

Triggered by Gate Gourmet's decision to cut jobs and hire
temporary seasonal workers, several employees staged a walkout in
August, which resulted in their dismissal and subsequently
triggered a sympathy strike by British Airways workers at
Heathrow.  This grounded flights and stranded more than 100,000
passengers.

CONTACT:  GATE GOURMET U.K. & IRELAND
          Phone: 0208 5135013
          Mobile: 07810 561816
          Web site: http://www.gategourmet.com


HFG DRIED: Hires Liquidators
----------------------------
M. Bishop, chairman of HFG Dried Fruit Limited, informs that
special resolution to wind up the company was passed at a meeting
held on Oct. 7.  Stephen Robert Cork and Joanne Elizabeth Milner
of Smith & Williamson Limited were appointed joint liquidators.

CONTACT:  SMITH & WILLIAMSON
          Prospect House
          2 Athenaeum Road
          London N20 9YU
          Phone: 020 8492 8600
          Fax: 020 8492 8601
          E-mail: jem1@smith.williamson.co.uk


IRONFAIR LIMITED: Members Decide on Winding-up
----------------------------------------------
At the general meeting of Ironfair Limited on Oct. 5, the special
and ordinary resolutions to wind up the company were passed.
John Paul Bateman and Brian Green of KPMG LLP, 8 Princes Parade,
Liverpool L3 1QH were appointed joint liquidators.

CONTACT:  KPMG LLP
          8 Princes Parade,
          Liverpool L3 1QH
          Phone: (0151) 473 5100
          Fax:   (0151) 473 5200
          Web site: http://www.kpmg.co.uk


JILLIAN CHURCHILL: EGM Passes Winding-up Resolution
---------------------------------------------------
J. Churchill, chairman of Jillian Churchill Interiors Limited,
informs that resolutions to wind up the company were passed at an
EGM held on Sept. 29 at Cecil House, Norwood Street, Ashford,
Kent TN23 1QU.  Barry P. Knights of Knights & Company, Cecil
House, Norwood Street, Ashford, Kent TN23 1QU was appointed
liquidator.

CONTACT:  JILLIAN CHURCHILL INTERIORS LTD.
          1 Chapel Mews, North Street
          Ashford, Kent, TN24 8JN
          Phone: 01233 664466
          Fax: 01233 664467
          E-mail: jillian@churchillinteriors.com
          Web site: http://www.churchill-interiors.com


LAWLER CARPETS: Files for Liquidation
-------------------------------------
Lawler Carpets Ltd. informs that a resolution to wind up the
company was passed at an EGM held on Sept. 27 at Great Central
House, Great Central Avenue, South Ruislip, Middlesex HA4 6TS.
Solomon Cohen was appointed liquidator.

CONTACT:  LAWLER CARPETS LTD.
     Hyde Lane, Nash Mills
          Hemel Hempstead, Hertfordshire HP3 8SA
          Phone: 01923270352


MACPERRY LTD.: Calls in Liquidator
----------------------------------
D. Perry, chairman Macperry Ltd. (t/a Smart Cartridge), informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 26 at 3 Chapel Court, 42 Holly Walk, Leamington
Spa, Warwickshire CV32 4YS.  David Halstead Bottomley of
Bottomley & Co, 3 Chapel Court, 42 Holly Walk, Leamington Spa,
Warwickshire CV32 4YS was appointed liquidator.

CONTACT:  MACPERRY LTD.
          13 Main Street, Clifton Upon Dunsmore
          Warwickshire CV23 0BH
          United Kingdom
          Contact:
          Colin MacKenzie
          Phone: 07793737714

          BOTTOMLEY & CO
          3 Chapel Court
          42 Holly Walk
          Leamington Spa
          Warwickshire CV32 4YS
          Phone: 08700 676767
          Fax: 08700 676768
          E-mail: david@3chapelcourt.com


MARKS & SPENCER: Per Una Founder Wants to form New Group
--------------------------------------------------------
A legal dispute looms between Marks & Spencer Group plc and Per
Una founder George Davies, who is planning to launch a rival
fashion retailer, The Telegraph says.

Analyst Richard Ratner of Seymour Pierce said: "Writs will be
flying within three months between George Davies and M&S unless
he devotes himself to Per Una for the next year."

Last week, Mr. Davies resigned as Per Una consultant, along with
two other Per Una staff, bursting M&S' bubble as the company
unveils its best quarterly trading results in almost two years.
He is said to be considering forming another fashion venture
called G1V-e.

Mr. Ratner noted: "How can he set something up to compete against
M&S while the company is paying him to do Per Una?"

In 2004, M&S paid Mr. Davies GBP125 million for the Per Una
business in the company's effort to defend itself against Philip
Green's takeover offer.  Mr. Davies has a twelve-month notice
period and will remain committed to Per Una for that period to
ensure an orderly transition, according to M&S.  He also has an
additional six-month non-compete clause, preventing him from
setting up a rival business until March 2007.  However, talks
between his lawyers, Herbert Smith, and M&S to settle the matter
are understood to be ongoing.

M&S disclosed last week U.K. Retail Sales for the 12 weeks to 1
October 2005 were +3.3% in total with General Merchandise +0.4%
and Food +6.3%.  Within this, Clothing was +0.2% and Home +2.1%.
It expects unaudited Group profit before tax and exceptionals for
the 26 weeks to 1 October 2005 to be at or around the upper end
of market expectations.

CONTACT:  MARKS & SPENCER GROUP PLC
          Michael House
          47-67 Baker Street
          London
          England
          W1U 8EP
          Phone: +44 20 7935 4422
          Fax: +44 20 7487 2679
          Web site: http://www.marksandspencer.com


NETWORK RAIL: Shareholders Lose GBP157 Million Class Action
-----------------------------------------------------------
High Court's Justice Lindsay on Friday rejected a GBP157 million
compensation claim filed by Railtrack plc private investors
against the government, the Gulf Times reports.

Railtrack went into administration in 2001 after the government
withdrew a crucial funding.  Shareholders numbering 48,000 sued
the government claiming that then transport secretary, Stephen
Byers, deliberately pushed the company into administration by
withholding financial help.  Mr. Byers insisted he had acted in
the interests of the public and rail travelers.  The judge said
the claimants failed to establish strong evidence to refute his
stand.

Mr. Byers might still face suspension from the Commons after
admitting he lied to MPs he had knowledge of talks leading to the
decision to put Railtrack under administration, the report said.

The shareholders' case was entitled "Geoffrey Rutherford Weir and
ors. v. The Secretary of State for Transport HC03CO4185."
Jonathan Sumption spearheaded the government's defense.  Keith
Rowley QC was shareholders' counsel.  The investors acted
together as The Railtrack Private Shareholders Action Group
(RPSAG).  The case is Britain's biggest class action.

Earlier this month, Mr. Justice McKay imposed a fine of GBP3.5
million against Network Rail -- which assumed Railtrack's
liabilities -- after finding Railtrack guilty of health and
safety offences associated with the Hatfield crash in 2000.

CONTACT:  NETWORK RAIL LIMITED
          40 Melton St.
          London NW1 2EE,
          United Kingdom
          Phone: +44 20 7557 8000
          Fax:   +44 20 7557 9000
          Web site: http://www.networkrail.com


NORMAN H. FIELD: Appoints Liquidator
------------------------------------
A. C. Gutteridge, director of Norman H Field Hi-Fi Ltd., informs
that resolutions to wind up the company were passed at an EGM
held on Sept. 13 at Albany House, 35-37 Hurst Street, Birmingham
B5 4BJ.  C. H. I. Moore was appointed liquidator.

CONTACT:  NORMAN H FIELD HI-FI LTD.
          Albany House, Hurst Street
          Birmingham, B5 4BJ
          Phone: 0121 622 2323


OCEAN TO EARTH: Clothing Retailer Calls in Administrator
--------------------------------------------------------
Samantha Keen and Nigel Morrison (IP Nos 9257, 8938) of Grant
Thornton UK LLP were appointed joint administrators of clothing
retailer Ocean To Earth Limited (Company No 03696607) on Oct. 3.
The company's registered office is at 10 Albany Road, Granby
Industrial Estate, Weymouth, Dorset DT4 9TH.

CONTACT:  OCEAN TO EARTH LTD.
          10 Granby Industrial Estate
          Weymouth, Dorset DT4 9TH
          Phone: 01305-839340

          GRANT THORNTON U.K. LLP
          31 Carlton Crescent
          Southampton SO15 2EW
          Phone: 023 8022 1231
          Fax: 023 8022 4017
          Web site: http://www.grant-thornton.co.uk


PERSONA LIMITED: Goes into Liquidation
--------------------------------------
C. G. Dickinson, director of Persona Limited, informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 30 at Kensington House, 3 Kensington, Bishop Auckland,
County Durham DL14 6HX.  Kenneth Webster Marland and John Neil
Harrison were appointed liquidators.

Persona Ltd. is an independent, registered umbrella body for
organizations not registered with either the Criminal Records
Bureau (England and Wales) or the Scottish Criminal Record
Office, which require access to information from their respective
disclosure services.  It provides identity checking and
countersignature service to both small and large user, operating
either locally, regionally or nationally.  Visit
http://www.persona.ltd.uk/for more information.

CONTACT:  PERSONA UK LTD.
          Wear Valley Business Centre
          27 Longfields Road
          South Church Enterprise Park
          Bishop Auckland
          Co. Durham
          DL14 6XB
          Phone: 01388 774142
          E-mail: personaenquiries@persona.ltd.uk


PETERLOO STUDIOS: In Liquidation
--------------------------------
W. Marshall, chairman of Peterloo Studios Limited, informs that a
resolution to wind up the company were passed at an EGM held on
Sept. 27 at Tomlinsons, St John's Court, 72 Gartside Street,
Manchester M3 3EL.  Alan H. Tomlinson of Tomlinsons, St John's
Court, 72 Gartside Street, Manchester M3 3EL was appointed
liquidator.  The resolution and appointment were ratified at a
creditors meeting held the same day.

CONTACT:  PETERLOO STUDIOS LTD.
          19 Liverpool Street Salford
          Lancashire M5 4LY
          Phone: 0161 743 9998
          Fax: http://www.peterloo.co.uk

          TOMLINSONS
          St John's Court,
          72 Gartside Street, Manchester M3 3EL
          Phone: 0870 60 70 170
          Fax:   0870 60 70 180
          E-mail: advice@tomlinsons.co.uk
          Web site: http://www.tomlinsons.co.uk


RAVEN LEISURE: Meeting of Creditors Set Next Week
-------------------------------------------------
The unsecured creditors of Raven Leisure Hotels Limited will meet
on October 24, 2005 at 10:30 a.m.  It will be held at The Exeter
Court Hotel, Kennford, Exeter, Devon EX6 7UX.  Creditors who want
to be represented at the meeting may appoint proxies.  Proxy
forms must be submitted together with written debt claims to D.
J. Crawshaw not later than 12:00 noon, October 21, 2005.

CONTACT:  KPMG LLP
          100 Temple Street
          Bristol BS1 6AG
          Phone: (0117) 905 4000
          Fax: (0117) 905 4001
          Web site: http://www.kpmg.co.uk

          RAVEN LEISURE LTD.
          1st Floor, 21 Knightsbridge,
          London SW1X 7LY
          Phone: 02072350422


REFCO ADVMULTI: Suspends Redemption Payments amid Fraud Scandal
---------------------------------------------------------------
The directors of Refco Advantage Multi-Manager Fund - Futures
Series I said that on October 10, 2005, Refco, Inc., the ultimate
parent of Refco Alternative Investments LLC (the Investment
Manager), announced that it had discovered through an internal
review a receivable owed to Refco, Inc., by an entity controlled
by Phillip R. Bennett, the then Chief Executive Officer and
Chairman of the board of directors of Refco, Inc., in the amount
of US$430 million.  Mr. Bennett has been charged with securities
fraud in connection with this matter and various actions have
been filed against Refco, Inc.

Thereafter, On October 13 2005, Refco, Inc., announced that
liquidity within Refco capital markets, Ltd, (RCM), the Fund's
foreign currency broker, was no longer sufficient to continue
operations, and that RCM had imposed a 15-day moratorium on all
activities in an attempt to protect the value of that enterprise.
As of such date, approximately 70% of the Fund's assets were on
deposit in accounts at RCM.  The Fund will not be able to
withdraw or transfer funds from its accounts at RCM during the
moratorium.

The Fund anticipates that the moratorium will have a material
impact on its operations and its ability to value its shares and
satisfy redemption requests.

Therefore, the Fund has determined to suspend the valuation of
shares and, consequently, delay the payment of redemptions, until
such time as the moratorium is lifted (which is expected to be
October 28, 2005) and the assets held in its accounts at RCM are
properly valued.  Investors are advised that there can be no
assurances:

     (i) that the moratorium will not be extended,

    (ii) that the Fund will have access to any or all of its
         assets in accounts held at RCM after the moratorium is
         lifted;

   (iii) with respect to the amount or value of those assets,
         when and if the Fund obtains them, to

    (iv) the effect upon the Fund of future actions by RCM or
         others.

Generally, investors in the Fund may redeem units as of each
business day; provided, however, that the Investment Manager
receives 2 business days notice of an investor's intent to
redeem.

Given the liquidity concerns, which result from the moratorium,
the Fund has also determined to liquidate its trading positions
and hold its available assets in cash or invest (approximately
30% of the Fund's total assets) solely in obligations of, or
fully guaranteed by, the United States of America, (or any agency
sponsored by the United States of America).  Once the moratorium
is lifted, the Fund will make the necessary arrangements to again
allow its trading advisor to commence trading on its behalf.

The composition of the managers and officers of the Investment
Manager has changed as:

Effective October 13, 2005, Mr. Philip R. Bennett is no longer a
Manager of the Investment Manager; Mr. Phillip Silverman is no
longer a Manager of the Investment Manager; and Mr. Thomas Hackl
is no longer a Manager of the Investment Manager.

Effective September 7, 2005, Mr. David Henritze resigned as a
director of the Fund.

Mr. Richard C. Butt, age 49, was appointed president of the
Investment Manager of the Fund on August 5, 2005, and was
appointed as a Manager of the Investment Manager effective
October 13, 2005.  Mr. Butt will serve on the audit committee of
the Investment Manager.  Mr. Butt also serves as president of
Refco Commodities Management, Inc., since September 1, 2005, and
prior to that, was senior vice president of the Investment
manager since November 2003.  He is in charge of development for
hedge fund and structured note products, and the fund
administration, operations and accounting for various products
offered by the alternative investment division within Refco, Inc.

From January 2002 to October 2003, Mr. Butt was senior vice
president of Global Distribution Strategies, Inc., a global
financial products distribution firm.  Between March 1999 and
December 2001, Mr. Butt was responsible for the operations of
Orbitex Financial Services Group.  From July 1998 through
February 1999, he worked as an independent consultant with
various other companies.  Prior to that, he worked for various
firms including the Forum Financial Group, KPMG Peat Marwick LLP,
Fidelity Investments and Price Waterhouse.  Mr. Butt received his
certified public accountant designation in 1981 and holds an A.B.
in Management Science from Duke University.

Ms. Annette A. Cazenave, age 49, was appointed as a Manager of
the Investment Manager, effective October 13, 2005 pending her
registration as a principal of the Investment Manager with the
National Futures Association.  Ms. Cazenave will serve on the
audit committee of the Investment Manager.  Ms. Cazenave joined
Refco Commodities Management, Inc. on September 1, 2005 in
connection with its acquisition of the global brokerage
operations of Cargill Investor Services, Inc.  She joined Cargill
Investor Services, Inc. in March 2004 with over twenty- four
years of comprehensive experience in alternative asset management
(futures, derivatives and hedge funds) marketing and business
management.

Previously, Ms. Cazenave was vice president, marketing and
product development for Horizon Cash Management, LLC (January
2002- March 2004).  Prior to this, she was president and
principal of Skylark Partners, Inc. (March 1993 - December 2001)
in New York, a financial services consulting firm.  During this
time, Ms. Cazenave held senior level positions with ED&F Man
Funds Division (now Man Investments) in New York (March 1986 -
March 1993).  Ms. Cazenave began her career in August 1979 as a
sugar trader and holds a B.A. from Drew University and an M.B.A.
from Thunderbird, the American Graduate School of International
Management.

CONTACT:  RSM ROBSON RHODES LLP
          Grainne O' Farrelly
          Phone: + 353 1 436 6400


R G HARDIE: Bagpipe Maker Performs the Requiem
----------------------------------------------
Bagpipe maker R G Hardie & Co. has gone into liquidation, ending
more than 50 years of music tradition, UPI Quirks in the News
says.

According to liquidator Maureen Leslie, the company better known
as Hardie and Weatherston suffered from cash flow problems,
making liquidation the only viable option.

Founded in 1950 by champion bagpipers Bob Hardie and John
Weatherston, the group is a well-known maker of traditional hide
bags.  It supplied British and foreign armies, European royalty
and stars such as singer Glen Campbell and former Beatle Sir Paul
McCartney.  The group also received a royal warrant.

Robbie Wallace, head of the Scottish Piping College, likens
Hardie pipes to Steinway pianos, the finest in the world.

CONTACT:  R. G. HARDIE & CO
          Unit W7, Rosemount Workspace
          141 Charles Street,
          G21 2QA Scotland
          Phone: 0141 772 6600
          Fax: 0141 772 8803
          E-mail: info@rghardie.com
          Web site: http://www.rghardie.ukf.net


ROBINSONS STRUCTURES: EGM Passes Winding-up Resolution
------------------------------------------------------
S. Collis, director of Robinsons Structures Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Sept. 30 at The Southampton Park Hotel, Cumberland Place,
Southampton S015 2WY.

S. J. Lowes was appointed liquidator.

CONTACT:  ROBINSONS STRUCTURES LTD.
          Robinsons House
          First Avenue
          Millbrook Trading Estate
          Southampton
          Hampshire
          SO15 0LG
          Phone: 023 8052 8165
          Fax: 023 8070 5588
          Web: http://www.robinsons-ltd.com
          E-mail: info@robinsons-ltd.com


SCOTT BEAVEN: Administrator from Tenon Recovery Enters Firm
-----------------------------------------------------------
Ian William Kings (IP No 7232) of Tenon Recovery was appointed
administrator of Scott Beaven Limited (Company No 2614041) on
Sept. 30.  The company's registered office is at Tenon Recovery,
Tenon House, Ferryboat Lane, Sunderland SR5 3JN.

Scott Beaven Ltd. is based in Team Valley in Northeast England.
It specializes in architectural hardware, and architectural
ironmongery.  Visit http://www.scottbeaven.co.uk/for more
information.

CONTACT:  SCOTT BEAVEN LIMITED
          5 Octavian Way,
          Team Valley, Gateshead, NE11 0HZ
          England
          Phone: 0191 491 5000
          Fax: 0191 491 5999
          E-mail: radius@scottbeaven.co.uk

          TENON RECOVERY
          Tenon House, Ferryboat Lane,
          Sunderland SR5 3JN
          Phone: 0191 511 5000
          Fax:   0191 511 5001
          Web site: http://www.tenongroup.com


SPENCER HARROD: Frozen Food Company Winds up
--------------------------------------------
K. E. Pordum, chairman of Spencer Harrod Limited, informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 16 at the offices of Harris Lipman, 2 Mountview Court, 310
Friern Barnet Lane, Whetstone, London N20 0YZ.

Barry David Lewis an Insolvency Practitioner, licensed by the
Institute of Chartered Accountants in England and Wales of Harris
Lipman, 2 Mountview Court, 310 Friern Barnet Lane, Whetstone,
London N20 0YZ, was appointed liquidator.

The liquidation and appointment were confirmed at a creditors
meting held on Sept. 30.

Spencer Harrod Ltd. is a frozen food company established in 2000.
Visit http://www.spencersdirect.com/about-us.htmfor more
information.

CONTACT:  SPENCER HARROD LTD.
          E-mail: enquiries@spencersdirect.com

          HARRIS LIPMAN
          2 Mountview Court,
          310 Friern Barnet Lane,
          Whetstone, London N20 0YZ
          Phone: (020) 8446 9000
          Fax:   (020) 8446 9537
          Web site: http://www.harris-lipman.co.uk


STARSCENTS LIMITED: Administrators Take over Company
----------------------------------------------------
Malcolm Peter Fillmore and Ms. Ranjit Bajjon (IP Nos 6525, 8756)
of Atherton Baily LLP were appointed joint administrators of
Starscents Limited (Company No 4817720) on Sept. 30.  The company
manufactures toiletries.

CONTACT:  ATHERTON BAILEY LLP
          3-4 The Courtyard
          East Park, Crawley
          West Sussex RH10 6AG
          Phone: 01293 410333
          Fax: 01293 428530
          E-mail: m.fillmore@athertonbailey.com


TRENT LOGISTICS: Appoints KPMG Liquidator
-----------------------------------------
P. Goldspink, director of Trent Logistics Ltd., informs that
resolutions to wind up the company were passed at an EGM held on
Oct. 3 at KPMG LLP, 1 The Embankment, Neville Street, Leeds LS1
4DW.

Howard Smith and Richard Dixon Fleming of KPMG were appointed
Joint Liquidators.

CONTACT:  TRENT LOGISTICS LTD.
          1b Haldenby House, Berkeley Business Centre,
          Doncaster Rd., Scunthorpe
          South Humberside, DN15 7DQ
          Phone: 01724 875522
                 01724 875522

          KPMG
          Web site: http://www.kpmg.co.uk


UNITED NETWORKS: Calls in Liquidator from Ernst & Young
-------------------------------------------------------
T. Pathmanabhan, chairman of United Networks Ltd., informs that a
resolution to wind up the company was passed at an EGM held on
Sept. 23 at Ernst & Young LLP, 1 More London Place London SE1
2AF.

CONTACT:  UNITED NETWORKS LTD.
          15 High Street
          Hampton Hill
          Middlesex TW12 1NB
          United Kingdom
          Phone: +44 208 939 5519
          Fax: +44 208 939 5550
          E-mail: Clive.Phelps@unitednetworks.co.uk


WEATHER XCHANGE: Administrators from Grant Thornton Move in
-----------------------------------------------------------
Andrew Conquest and Ipe Jacob (IP Nos 5329, 2121) of Grant
Thornton UK LLP were appointed joint administrators of Weather
Xchange Limited (Company No 04108739) on Oct. 3.  The company's
registered office is at 127 Clerkenwell Road, London EC1R 5LP.
Weather Xchange is engaged in weather risk management and
brokerage.

CONTACT:  WEATHER XCHANGE LTD.
          127 Clerkenwell Road,
          London EC1R 5LP
          Phone: 02070253830

          GRANT THORNTON U.K. LLP
          Grant Thornton House
          Melton Street
          Euston Square
          London NW1 2EP
          Phone: 020 7383 5100
          Fax: 020 7383 4715
          Web site: http://www.grant-thornton.co.uk


                            *********


S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter -- Europe is a daily newsletter
co-published by Bankruptcy Creditors' Service, Inc., Fairless
Hills, Pennsylvania, USA, and Beard Group, Inc., Frederick,
Maryland USA.  Larri-Nil Veloso, Ma. Cristina Canson, Liv Arcipe,
Julybien Atadero and Jay Malaga, Editors.

Copyright 2005.  All rights reserved.  ISSN 1529-2754.

This material is copyrighted and any commercial use, resale or
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